Britain's financial watchdog has launched a full investigation into the accounting scandal at Tesco which wiped £3 billion from the troubled British grocer's stock market value last month.
"Tesco will continue to co-operate fully with the Financial Conduct Authority and other relevant authorities considering this matter," the company said in a statement today.
Tesco, the country's biggest grocer and the world's third biggest retailer, announced on September 22 that it had overstated first-half profit by £250m - effectively its third profit warning in two months.
It suspended four senior executives and launched its own investigation, calling in forensic accountants and lawyers.
The profit overstatement, which related to the mis-booking of rebate payments from suppliers, added to Tesco's existing woes.
Industry data shows that Tesco is the worst performer of Britain's so called "big four" grocers, which also includes Wal-Mart's Asda, Sainsbury's and Morrisons, with its market share falling to 28.8% from 30.2% at the same time last year.
The company said in its statement that the FCA's investigation will be in addition to the independent review already underway by accountants Deloitte.
Further scrutiny of the grocer could also come from British lawmakers. The chairman of a parliamentary committee said last week he might want to grill Tesco's top executives about the accounting scandal.
Tesco bosses taking to shop floor
Thousands of head office and corporate staff at Tesco will be sent to work on the shop floor in the run-up to Christmas as part of an initiative by new boss Dave Lewis.
The scheme will see more than 4,000 employees including Mr Lewis and other senior executives at the beleaguered retailer stacking shelves and operating tills to try to reconnect those running the group with the needs of customers.
They have been told they must spend one day every fortnight - on a Thursday or Friday - in a store between now and Christmas.
Those involved will include new finance director Alan Stewart, recruited from Marks & Spencer, who will have to take time out from getting to grips with the accounts, amid a regulatory probe over a £250m overstatement of profit expectations.
"Understanding customers even better is critical to our future success and there is no better opportunity for office colleagues than by supporting our stores in the run-up to Christmas," the company said.
The "Feet On The Floor" initiative comes amid a series of profit warnings and sliding sales at Britain's biggest supermarket.
Mr Lewis took over last month following the departure of Philip Clarke - who himself spent four decades at the retailer after starting out on the shop floor.
The new boss wrote to staff at the group's head office and other corporate sites this week to set out details of the new scheme.
The presence of these employees in Tesco stores is not being seen as having a cost-saving effect and will not have an impact on the extra hours being allocated in the run-up to the festive period.
