Philip Clarke, the former Tesco chief executive, will not face charges from the Serious Fraud Office over the accounting scandal that blew a £326m hole in the UK retailer’s books.
The SFO has informed Mr Clarke that “following a thorough review of the evidence obtained … it has been decided not to initiate criminal proceedings on the grounds there is insufficient evidence to provide a realistic prospect of conviction” in the case, said the letter from the SFO received by Corker Binning Partner David Corker, counsel for Mr Clarke.
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