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Tesco profits overstated by £263 million

Tesco has announced it had overstated its profits for the first half of the year by £263m, slightly higher than the £250m originally estimated when the company was hit by an accounting scandal.

Chairman Sir Richard Broadbent has confirmed he is stepping down from his role.

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Tesco withholds payment from former CEO Phil Clarke

Supermarket giant Tesco is withholding payments for its former chief executive, Phil Clarke, as an investigation into overstating profits continues.

The company announced today that it had overstated its profits for the first half of this year by £263m, slightly higher than the £250m originally estimated.

ITV News Economics Editor Richard Edgar is following developments.

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