MOSCOW, September 24 (RIA Novosti) - The UK Financial Reporting Council (FRC) is currently monitoring country's largest food retailer Tesco Plc. after the company said its first-half profit estimate was overstated.
"The FRC is monitoring the situation following Tesco's announcement closely," the FRC said in a statement. "It will consider the outcome of the investigation announced by the company and determine whether it should take regulatory action."
On Friday, information about an inflated profit report reached Tesco CEO Dave Lewis and the investigation was launched immediately. The profit estimates are said to have been overstated by 250 million pounds ($409 million).
The company has suspended four employees, which is not, according to Lewis, a disciplinary measure.
"I must stress that at this point in time I won't know until I've done the full investigation. Nor do I know exactly what's happened," the Tesco CEO said in an interview with the BBC.
Tesco is a British food retailer that operates in 12 countries around the world, with 3,300 shops in the UK alone. Tesco was founded in 1919 in London, and at present employs 530,000 people globally.
