Search


My QuickPicks
Register now to activate

Contents At A Glance

FE&SFlashNews — 2004-10-18 — News

October 18, 2004

Ahold, SEC Reach Settlement

Netherlands-based Royal Ahold and its two former top executives have reached a settlement with the U.S. Securities and Exchange Commission (SEC) in connection with a multibillion-dollar accounting irregularity.

Only weeks after it agreed to pay $9.9 million to avoid criminal prosecution in the Netherlands, The New York Times has reported that Ahold, which owns several supermarket chains in the United States including Stop & Shop, avoided a fine by the SEC because of what the agency called extensive cooperation.

Ahold, which is still the subject of a Justice Department investigation and an investor class-action lawsuit in the United States, neither admitted nor denied the SEC allegations, which accused it of using fraudulent documents to pump up sales and profit figures.

Former Ahold CEO Cees van der Hoeven and one-time CFO Michiel Meurs face criminal charges in the Netherlands that they falsified documents, misled investors and defrauded auditors.

Visit the FlashNews Archives


Copyright© 1999-2006 Reed Business Information, a division of
The Reed Business logo, Restaurants & Institutions, R&I, Chain Leader, Foodservice Equipment & Supplies and FE&S are registered trademarks. All rights reserved.
Use of this web site is subject to its Terms and Conditions of Use. View our Privacy Policy. .