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[33] [34] Tesco said it had been "co-operating fully" with the SFO, who took matter out of the hands of the Financial Conduct Authority, the City's business regulator. [34] The UK accountancy regulator, the Financial Reporting Council, was also reported to be monitoring Tesco. Tesco's auditor PwC declined to comment. [34]
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Tesco and Morrisons were accused of collusion too, but denied taking part. The allegations against Tesco involved cheese as well as milk and butter. [40] The retailers could theoretically have faced fines of up to 10 per cent of their worldwide turnover, which in Tesco's case would have amounted to £4.3bn.
In May 2024 the Tesco PLC annual report revealed that Murphy had received a £10 million pay package for the year to February 2024, doubling his prior year's earnings. This comprised £4.7 million in pay and bonuses, up from £4.3 million, with the rest from shares that were awarded to Murphy when he joined and paid out after he surpassed a ...
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