Tesco fined £129m for overstating profits

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Tesco has agreed to pay a fine of £129m to avoid prosecution for overstating its profits in 2014.

It has also agreed to a finding of “market abuse” from the Financial Conduct Authority for its trading statement in August 2014 which overstated its expected profits.

It has established a compensation scheme for investors who bought shares or bonds between 29 August and 19 September.

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