Ex finance director Carl Rogberg, former Tesco UK managing director Christopher Bush and John Scouler, who was UK food commercial director, were all due to appear at Southwark crown court on Monday 4 September over charges relating to the £263m ‘black hole’ found in the high street retailer’s accounts in 2014.

They are all accused of one count of fraud by abuse of position and one count of false accounting. They all deny any wrongdoing and have pleaded not guilty to the charges at an earlier hearing.

On Monday, Judge Deborah Taylor adjourned the start date of the trial until later this month for legal reasons.

The case has been brought following an investigation by the Serious Fraud Office (SFO) into accounting irregularities relating to Tesco’s half year interim results in 2014, and is expected to last around 10 to 12 weeks.

According to the charges, Bush, Rogberg and Scouler concealed Tesco’s true financial position from its auditors and other employees between February and September 2014.

If found guilty of false accounting, they could face prison sentences of up to seven years, while fraud by abuse of position has a maximum sentence of 10 years.

Earlier this year, Tesco confirmed it had entered into a deferred prosecution agreement (DPA) with SFO, and will pay a £129m fine as part of the conclusion of the investigation.

This week the SFO’s director David Green, who is retiring shortly, gave a speech at the Cambridge symposium on economic crime reflecting on his time in post.

Green said that over the period April 2014 to date, the SFO has cost the taxpayer £216m, and has generated £676m in DPA receipts and costs.

‘That is a net contribution of £460m to the Treasury over four years, equivalent to approximately £1m per member of SFO staff,’ Green said.

Green acknowledged that in May, the Conservative manifesto proposed that the SFO be ‘incorporated’ into the National Crime Agency, and pointed out this could mean anything from closer coordination through to break up of the current model and outright merger.

‘Whilst priorities will be for others to decide, I have no doubt that the investigation and prosecution of commercial bribery, corporate fraud and misconduct should and will remain a priority for UK law enforcement.

‘I say this because post Brexit, inward investment and economic prosperity will (as now) need the certainty of the rule of law, a level playing field, and properly functioning markets,’ Green said.
In his speech, Green also stated: ‘As things stand, looking back over my time as DSFO, I am unaware of any case that the SFO should have taken on and did not, or did take on and should not have done.’

Green’s report on the SFO’s work is here.