Tesco has said that it is “contractually committed” to pay out £2.2 million in severance pay to ex-boss Philip Clarke and former finance director Laurie Mcllwee despite an ongoing investigation into the company’s finances.
In a statement Tesco said that it had to make the relevant payment to each former director unless it could legally establish a case of gross misconduct against him.”
Currently the Serious Fraud Office (SFO) is investigating the accounting anomalies and if they produce new information then Tesco has said it "will pursue recovery of the payments and damages and has fully reserved all its legal rights in this respect".
The report comes less than a week after 43 stores were announced they were closing which would put 2,000 jobs at risk.
