Tesco...

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  • rick_chasey
    rick_chasey Posts: 72,737
    mamba80 wrote:
    Private enterprise at its "best" Serious fraud squad to investigate Tesco ......

    Fwiw share price went up on that news...

    SFO is understaffed and overstretched.

    If it had been the FCA they'd probably actually get a fine of some sort.
    _
  • tyred&weary
    tyred&weary Posts: 243
    City Boy wrote:
    Stevo 666 wrote:
    arran77 wrote:
    Tesco's is only one step up from the social experiment that is Asda so good riddance I say :lol:
    Ever been in Aldi or Lidl? :)

    We've got a Morrisons a couple of miles from us that seems to be permanently filled with the entire cast of Royston Vasey wandering round stocking up on cider, fags and Turkey twizlers. My mrs refuses to go in on her own :lol:

    Just do a search on People of Walmart.
  • pblakeney
    pblakeney Posts: 25,803
    What was that about the people in Roker's Tesco?

    http://www.bbc.co.uk/news/uk-england-tyne-29848021
    The above may be fact, or fiction, I may be serious, I may be jesting.
    I am not sure. You have no chance.
    Veronese68 wrote:
    PB is the most sensible person on here.
  • morstar
    morstar Posts: 6,190
    PBlakeney wrote:
    What was that about the people in Roker's Tesco?

    http://www.bbc.co.uk/news/uk-england-tyne-29848021
    Sheesh. Two year driving ban and £1,300 fine for childish stupidity. Seems a bit OTT. Surely that's just a slap on the wrist offence.
  • rick_chasey
    rick_chasey Posts: 72,737
    Pross wrote:
    Having dealt with Tesco for years I'm virtually certain there was no fraud, their incompetence is beyond comprehension and internal communication more or less zero therefore unlikely to be any intent. How they grew so huge and made such vast profits whilst apparently being clueless is beyond me!

    It's pretty clear cut.

    They're booking future revenue into today's numbers. To the tune of £250m odd.

    They actual profits for that quarter were not £263m, but £13m.

    That's not incompetence. Made worse when it's a listed company.

    http://www.investegate.co.uk/tesco-plc- ... 00142186S/
    During its final preparations for the forthcoming interim results, Tesco has identified an overstatement of its expected profit for the half year, principally due to the accelerated recognition of commercial income and delayed accrual of costs.

    On the basis of preliminary investigations into the UK food business, the Board believes that the guidance issued on 29 August 2014 for the Group profits for the six months to 23 August 2014 was overstated by an estimated £250m.

    And they get involved in some fairly sophisticated structures for accounting purposes too (one of which won structure of the year by risk magazine: http://www.risk.net/risk-magazine/featu ... ager-tesco)

    Between '09 and '13 they issued a load of corporate bonds (£4bn worth) that they housed in various SPV structures to keep them off-balance sheet - which this chap here, reckons hid £2bn's worth of debt from their accounts: http://discount-investing.com/2014/08/2 ... dden-debt/

    Ultimately they're liable for this stuff, so why is it off balance-sheet? And what else is hidden?
    More here: http://ftalphaville.ft.com/2014/09/22/1 ... man-sachs/

    This isn't naivety.
    _
  • pblakeney
    pblakeney Posts: 25,803
    Rick Chasey wrote:

    This isn't naivety.

    This is creativity.
    The above may be fact, or fiction, I may be serious, I may be jesting.
    I am not sure. You have no chance.
    Veronese68 wrote:
    PB is the most sensible person on here.

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