Tesco Executive Leaves Amid SFO Investigation into Accounting Scandal

One of the eight Tesco executives that was suspended following the accounting scandal has reportedly left the company.

According to sources, cited by the BBC, the unnamed executive left the retailer amid the Serious Fraud Office's investigation into a £250m (€316m, $402m) overstatement of profits at Tesco, which ultimately knocked billions off its market value.

Tesco has not commented on the report.

In September, Tesco's newly appointed chief executive Dave Lewis, who took over from Philip Clarke, insisted that the suspensions of the executives were not "disciplinary or an admission of guilt".

It suspended eight executives, including UK managing director Chris Bush.

Tesco launched its own internal investigation, led by Big Four accountancy Deloitte and law firm Freshfields, while the Financial Conduct Authority (FCA) announced it would also investigate the retailer.

The FCA later dropped its probe after the SFO confirmed that it would launch a criminal investigation into the group.

The Financial Reporting Council said it is observing the developments and may launch an investigation after the SFO's results are published.

Reports have also emerged that a whistleblower had notified the group about concerns over its profit declarations but was "ignored for months".