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Retail Giant Tesco to Face Probe Over Late Payment to Suppliers

© Flickr / Tesco PLCTesco supermarket
Tesco supermarket - Sputnik International
An investigation will be launched in Britain into practices at supermarket giant Tesco.

MOSCOW (Sputnik) — An investigation into retail giant Tesco's supplier practices, including delays in payments, was launched Thursday by Britain's supermarket watchdog.

Tesco Express, Croydon, London - Sputnik International
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Supermarket ombudsman Christine Tacon has "reasonable suspicion" that the retailer breached the the Groceries Supply Code of Practice, a statement published on UK government website says.

"The investigation will consider the existence and extent of practices which have resulted in delay in payments to suppliers," the statement says.

In October 2014, the United Kingdom's top financial regulator announced it was launching an investigation into Tesco's accounting practices after the company admitted its first-half profit estimates were overstated by more than $400 million.

Tesco, founded in London in 1919, is a multinational grocery retailer based in Cheshunt, Hertfordshire. The company currently operates some 6,500 stores in 12 countries worldwide.

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