28th November, 2014 by Neal Baker

An investigation into Tesco\'s accountancy practices also revealed the movement of payments to suit financial announcements (Photo:Wiki)
The Serious Fraud Office could bring criminal charges to those thought to have been purposely manipulating financial information (Photo:Wiki)
The source used by The Independent has not been revealed, but the paper understands that a complete dismissal of the eight suspended executives is underway, and that chief executive Dave Lewis has already begun looking for new candidates to fill their roles.

Financial Times has already revealed that three directors – Kevin Grace, group commercial director, Carl Rogberg, UK finance director, and John Scouler, UK food commercial director – are believed to have left the company on Wednesday 26 November, with the information provided by “people close to the situation.”

BBC News reports that it knows of at least one executive that has left the company, but they have not been named.

The news comes as the Serious Fraud Office continues its investigation into Tesco and its purposefully misleading financial reports, which advanced the company’s credits and held off expenses, leading to the revelation of a £263 million ‘black hole’ in its accounts.

The SFO is looking for evidence of collusion between the company’s accountancy departments and the various management and product divisions of the company, of which Dan Jago – as head of beer, wine and spirits – is one.

Dan Jago
Dan Jago, the suspended director for beer, wine and spirits, is one of the ‘Cheshunt Eight’ (Photo: db)
The total list of directors under scrutiny, dubbed the Cheshunt Eight, are Chris Bush, UK chief executive; Carl Rogberg, formerly UK finance director; Kevin Grace, formerly commercial director; John Scouler, formerly food commercial director; Matt Simister, head of sourcing; William Linnane, director of impulse purchases; and Sean McCurley, director of convenience. 

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