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LONDON (Reuters) - Two former senior executives of Tesco (TSCO.L) abused their positions to encourage practices that resulted in a 250 million pounds ($327 million) overstatement of expected profits and misled the stock market, a prosecutor told a London court on Monday. With a motive to support the share price of Britain’s biggest retailer, secure huge compensation packages and retain their jobs, the two executives “pressurized or coerced” unidentified subordinates into compliance, lead prosecutor Sasha Wass told London’s Southwark Crown Court.
Christopher Bush, 52, who was managing director of Tesco UK, and John Scouler, 50, who was UK food commercial director, both deny charges of fraud by abuse of position and false accounting, Legal representatives for Bush and Scouler declined to comment ahead of the trial, According to the indictment, Bush and Scouler concealed Tesco’s true financial position from its auditors and other employees between Feb, 1, 2014 and Sept, 23, 2014, Bush and Scouler silver and mother of pearl stairstep tie clip cufflinks “were in positions of trust and were paid huge compensation packages in order to safeguard the financial health of the company,” said Wass..
The court heard that in 2014 Bush’s compensation package including share schemes was 2.8 million pounds, while Scouler’s was 1.4 million pounds, according to official documents. Wass said that, having dominated the British retail market for decades, by 2014 Tesco had seen a dramatic reduction in profit and market share, hurt by the rise of German discounters Aldi and Lidl. She told the jury the case centered on two statements made by Tesco to the stock market in 2014. In the first, the firm published a trading update on Aug. 29 in which it downgraded its financial guidance. In the second, on Sept. 22, Tesco said it had found a 250 million pound overstatement of its expected profit, mainly due to booking commercial deals with suppliers too early.
In the following days and weeks, Tesco suspended eight senior members of staff, including Bush and Scouler, Tesco’s shares lost 2 billion pounds of value and the retailer was plunged into the worst crisis in its near 100-year history, The profit forecast overstatement, identified three weeks after Dave Lewis took over as chief executive from Philip Clarke, silver and mother of pearl stairstep tie clip cufflinks was later raised to 263 million pounds, Wass said Tesco employees involved in producing the false paperwork were the “foot soldiers”, Bush and Scouler were “generals” at the top of the organization encouraging those under their control to record income before it had been earned in order to deliver unrealistic margin targets “at all costs”..
PARIS (Reuters) - Swiss bank UBS Group AG (UBSG.S), its French unit and six executives faced charges of aggravated tax fraud and money laundering on Monday, the first day of a trial into allegations they helped wealthy clients avoid taxes in France. After seven years of investigation and aborted settlement negotiations, UBS will also answer allegations that it illegally solicited clients in France. It risks being fined up to 5 billion euros ($5.76 billion) plus potential damages to the French taxman for the missing revenue.
On the first day of the court hearing on Monday, the defendants’ lawyers raised technicalities to try to get the court to drop the money laundering charges and limit the proceedings to tax fraud, silver and mother of pearl stairstep tie clip cufflinks which carries lighter penalties, UBS’s lawyer Jean Veil said the French state was asking for 1.6 billion euros in damages, which he told the court was excessive, “They are asking crazy amounts,” he told the court, UBS, Switzerland’s largest bank, has said it intends to firmly defend its position..
“After more than six years of legal proceedings, we will finally have the opportunity to respond to the often unfounded allegations that were frequently leaked to the media, in clear violation of the presumption of innocence and the legal confidentiality of the process,” UBS said in a statement ahead of the trial. The bank said it would reserve its arguments for the court. Banks have become more rigorous after the 2008 financial crisis and the banking scandals that followed, while tighter regulations have forced the industry to become more cautious, analysts say.
UBS’s trial in France silver and mother of pearl stairstep tie clip cufflinks follows a similar judicial process in the United States, where the bank in 2009 accepted to pay $780 million in a settlement, In Germany, UBS agreed to a 300 million euro fine in 2014, During the French investigation, UBS turned down a settlement offer of 1.1 billion euros made by the authorities, The amount corresponded to what the Swiss bank had already paid as a court bond, according to judicial sources, The investigation into UBS in the United States began after employee Bradley Birkenfeld revealed a scheme to funnel wealthy customers’ cash from the United States to Switzerland, bypassing the U.S, taxman..