Tesco Probe Dropped by Audit Watchdog After Half a Decade (1)

A probe into Tesco Plc managers was dropped by U.K. watchdogs, ensuring that no individuals will be punished following a series of criminal and regulatory investigations into one of the nation’s biggest accounting scandals.

The Financial Reporting Council said on Monday it closed a probe following Tesco’s September 2014 announcement it had overstated profits by 263 million pounds ($333.5 million), a figure that was increased to 326 million pounds following an independent audit.

The decision closes a string of failed regulatory and criminal investigations into the scandal, which initially wiped 2 billion pounds off the supermarket chain’s market value. While ...