2013 horse meat scandal situation. The Food Standards Agency's (FSA) chief executive, Catherine Brown also said "it is unlikely we will ever know" how many unwittingly ate horsemeat. Tesco's market value dropped by . European Union officials, European ministers and Commissioner (Tonio) Borg set up an urgent meeting in Brussels on 13 February 2013 on how to contain the horse meat scandal that exposed flaws in European control systems on food safety, and to formulate an action plan. Following the meeting, EU agriculture ministers announced a three-month programme of DNA testing of processed meat across the European Union. The plan calls for 2,500 random
Tesco profits by £250 million. The misreporting resulted in almost £2.2 billion being wiped off the value of the company’s stock market value. The suspended executives included former commercial director Kevin Grace and UK managing director Chris Bush. The profit overstatement was subsequently revised upwards to £263 million following an investigation by the accountancy firm Deloitte, and it was clarified that the inflated profit figure was the result of Tesco bringing forward rebates from suppliers. The Serious Fraud Office (SFO) confirmed on 29 October 2014 that it was carrying out a criminal investigation into the accounting irregularities but declined to give