By Daniel Hunter

One of the executives suspended by Tesco over its £260m overstatement of profits has left the company, according to the BBC.

Tesco suspended eight executives, including UK Managing Director Chris Bush, when it launched an investigation following the news that it overstated its profits.

The supermarket giant is declined to comment on the departure, and it is not known which executive has left.

The scandal is currently under a criminal investigation by the Serious Fraud Office.

Tesco chief executive Dave Lewis, who only started the job a few weeks before the news broke, made it clear when the suspensions were made that they were not "disciplinary or an admission of guilt".

It capped a difficult year for Tesco in which is has lost half of its value, with 50% of its share prices being wiped off. The retailer has struggled to cope with the increasing pressure applied to the grocery market by budget rivals Aldi and Lidl.

The surge in popularity of the German supermarkets has sparked a price war between the 'big four' - Tesco, Asda, Sainsbury's and Morrisons - as they battle falling sales and falling profits.

Join us on
Follow @freshbusiness