Tescos has suspended for of it Executives. The suspension of four executives including the UK managing director after the company overstated their it’s first half yearly profit guidance by £250 million.
So this is one that could get messy. Britain’s biggest supermarket has been posting profit margins that are let’s call them a little too advance.
This has to be the worst year I’ve seen for Supermarkets. Morrisons is having to reduce prices because a lack of profit and now Tesco is probing in to it’s own company dealing and could have a long drawn out day in court.
Even when the economy was down the shitter and companies were closing left, right and center these guys were floating above it all.
This is a bad year for Supermarket.
I’ve openly admitted that I’m not an economist, I’ve admitted that but…..
I don’t get how a company the size of Tesco has been able calculate their profits so baldly. That’s if they did it by accident and the fact that 4 execs have been barred kind of looks like they did this on purpose.
And from my reading of this is that they have done this on purpose because they’re investigating the problem.
Then the question is how much are they going to loose in the shape of money. They’re share price has dropped by 11% and they’ve already lost billions. When this goes to court the share price will probably drop down a lot and then they’ll be a fine.
Probably a giant fine and will cost them a load of money and effect their profits and the share prices.
Tesco is going to loose a massive amount of money through this and their is going to be a massive loss of cash. Tesco is a company we need in Britain let’s hope we don’t loose it.