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Tesco gives more detail on supplier deals after scandal

Tesco provided more information about how it accounts for relationships with suppliers on Wednesday after an accounting scandal that contributed to an annual loss of GBP6.4 billion (USD9.5 billion).

Uk’s biggest retailer announced last year it had overstated profits by GBP263 million due to booking deals with suppliers too early, prompting a criminal investigation by UK’s Serious Fraud Office.

As it announced the biggest loss in its 96-year-history on Wednesday, Tesco said it was increasing transparency and seeking to build "longer-term, mutually beneficial partnerships" with its suppliers as it tries to rebuild trust in the market.
 

(Source: Jakarta Globe )