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Tesco sacks auditor after cash scandal

Published 12/05/2015

Dave Lewis
Dave Lewis

Tesco has dumped its auditor of 32 years, PwC, in the wake of the £263m accounting scandal that hit the company last year.

A tendering process for a new auditor was brought forward by a year as the chief executive, Dave Lewis, and new chairman, John Allan, attempt to put behind them the final parts of the discredited former regime under Phil Clarke.

PwC has agreed not to put itself forward for consideration. This comes after it was revealed last year that Tesco directors were said to be furious as PwC attempted to distance themselves from the scandal.

Sources claimed directors at the grocer "hid" the misreporting from auditors, explaining why the questionable practices had been signed off for at least three years.

PwC declined to comment.

Whistl staff here are safe despite cuts

Northern Ireland workers are not thought to be among some 2,000 Whistl delivery firm workers at risk of redundancy.

Postal firm Whistl has suspended deliveries after private equity backer LDC pulled out of funding to help expand the business.

The Dutch-owned company — formerly known as TNT — said it was now reviewing the viability of rolling out its delivery service from the areas where it currently operates.

Whistl employs around 2,000 workers on its postal delivery business in parts of London, Liverpool and Manchester in competition with Royal Mail.

The company has a depot in Newtownabbey. It’s understood staff working there will not be affected by potential job losses, as Whistl does not run that element of the business in Northern Ireland.

A statement said: “Following the announcement  from LDC that it would not proceed with the investment to fund further roll-out of e2e, we have now commenced an extensive review of the viability and potential for the roll-out of an e2e postal delivery service in the UK.”

Uber drives up its worth to $50bn

Taxi booking app Uber — which is set to launch in Belfast — could be about to become one of the most valuable venture-backed start-ups in history after a fresh fundraising round may bump its worth up to around $50bn (£32bn).

That would make Uber one of the most valuable venture-backed start-ups in history, putting it on a par with Facebook, which was valued at $50bn (£32bn) before its IPO.

It comes after the Belfast Telegraph revealed in January that the firm was eyeing up Belfast as its next target. It’s now recruiting a general manager.

The valuation hike comes just six months after the taxi-hailing app notched up a $40bn (£26bn) valuation after taking in another $1.2bn (£800m) from investors to fund its overseas expansion.

It is now looking at raising a further $1.5bn (£1bn), reports claim, to use the cash to finance strategic moves, such as partnerships. The cash injection would see it surpass Chinese smartphone maker Xiaomi — valued at $45bn (£29bn) — as the world’s most valuable privately-owned start-up.

Belfast Telegraph

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