Three former Tesco executives have been charged with fraud, although it is thought the company itself may escape prosecution over the black hole found in its accounts two years ago.

The Serious Fraud Office (SFO) has been conducting an investigation into accounting practices at the firm, which Tesco has been co-operating with. It is unclear whether the charges against the individuals, all ex-executives of the firm and who left in 2014, will lead to charges higher up the management chain.

According to the Financial Times, Chris Bush, the supermarket’s former head of its UK unit, and Carl Rogberg, the UK finance director, deny wrongdoing and say they will contest the charges. A lawyer for John Scouler, the UK division’s ex-commercial director, “did not respond to requests for comment”.