Tesco Asia

Tesco said the overall impact from the incorrect booking of income was 263 million pounds ($421 million), up from an original estimate of 250 million pounds. When adding one-off costs such as the accounting hole and an impairment charge, its first-half statutory pretax profit was down 91 per cent.

It was an oversight that led to a 4 billion pound drop in Tesco's market value and the suspension of four senior executives. The newly installed CEO called in forensic accountants and lawyers to find out what went wrong.

Tesco said the overall impact from the incorrect booking of income was 263 million pounds ($421 million), up from an original estimate of 250 million pounds. When adding one-off costs such as the accounting hole and an impairment charge, its first-half statutory pretax profit was down 91 per cent.

It was an oversight that led to a 4 billion pound drop in Tesco's market value and the suspension of four senior executives. The newly installed CEO called in forensic accountants and lawyers to find out what went wrong.