UK accounting watchdog closes probe into former Tesco CFO

LONDON, Aug 31 (Reuters) - Britain’s accounting watchdog said it has closed an investigation into Laurie McIlwee, former chief financial officer of supermarket giant Tesco.

The Financial Reporting Council (FRC) opened the probe in 2014 after accounting errors in supplier contracts forced the grocer to suspend its UK boss and three other senior executives, and admit it had overstated expected first half profit by 250 million pounds in a previous trading update.

McIlwee stepped down that year.

“The executive counsel to the FRC has concluded that there is no realistic prospect that a Tribunal would make an adverse finding in relation to the conduct of Mr Laurie McIlwee,” the watchog said in a statement on Wednesday.

Reporting by Huw Jones, editing by Carolyn Cohn