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Former Tesco CEO Philip Clarke will not face charges over the accounting scandal at the supermarket chain, his lawyer says

Tesco disclosed in September 2014 that it had identified a £250m overstatement of first half profit, mainly due to the way it accounted for deals with commercial suppliers.

The scale of the overstatement was later raised to £263m.

David Corker, partner at law firm Corker Binning, said he had received a letter from the Serious Fraud Office (SFO) telling him Mr Clarke would not be prosecuted.

It said there was “insufficient evidence to provide a realistic prospect of conviction”.

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