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Britain's Fraud Office to probe Tesco accounting errors: Sky News


    LONDON (Reuters) - Britain's Serious Fraud Office (SFO) is to launch a formal criminal probe into accounting errors at troubled supermarket Tesco , Sky News reported on Wednesday.

    Britain's biggest retailer, which has suffered a string of recent profit warnings and management exits, is already being investigated by accounting watchdog, the Financial Reporting Council, after the firm overstated first-half profits by $263 million pounds (424 million).

    TESCO (TSCO.LO) whose shares slipped half a percent on the news, declined to comment.

    A SFO spokesman said it was still doing a preliminary investigation of Tesco but declined to say whether it had launched a full probe. "When we do have something to announce in terms of a next stage, that will be announced," he said.

    (Reporting by Neil Maidment and Kirstin Ridley; Editing by Kate Holton)