Investigation into former Tesco CFO closed

THE Financial Reporting Council’s (FRC) investigation into the conduct of Tesco’s former chief financial officer Laurie McIlwee has been stopped after it decided there was “no realistic prospect” of success.

Stourbridge-born Mr McIlwee spent 15 years at Tesco until 2014, the last five as CFO. His current roles include being a non-executive director of Eddie Stobart.

The FRC launched its investigation in December 2014 after a bad year for the supermarket group that had seen it admit its profits had been overstated by £250m.

It is continuing its inquiry into the role of Tesco’s auditor, PwC, and other individuals.

In a statement, the FRC said “the Executive Counsel to the FRC has concluded that there is no realistic prospect that a Tribunal would make an adverse finding in relation to the conduct of Mr Laurie McIlwee”.

Mr McIlwee was educated at Hagley High and Stourbridge Technology College before reading economics at Coventry University.