Ahold settles with US authorities
Deal with SEC aims to draw line under financial crisis
Ahold has reached a settlement with the US United States Securities and Exchange Commission over the ‘black hole’ which emerged last year in its accounts.
The agreement between the Netherland-based retail group and the SEC is a key step in Ahold’s drive to draw a line under its financial problems, which arose mainly from misreporting of supplier payments in Ahold’s US Foodservice operation.
Ahold said it had co-operated fully with the SEC in its investigation and has undertaken significant remedial actions in connection with the issues that were investigated, and will continue to cooperate fully with the SEC and other authorities.
It said the settlement resolves the SEC’s investigation of Ahold and it operating companies including US Foodservice.
Peter Wakkie, Ahold’s chief corporate governance xounsel and a member of the Executive Board, said: “Ahold has worked very hard over the past two years to improve its systems and controls and implement other remedial measures to prevent any recurrence of these unfortunate events.
“Ahold has taken these matters very seriously and has cooperated fully with the regulatory authorities. The conclusion of the SEC’s investigation into Ahold represents another significant step for Ahold’s ‘Road to Recovery’ and continuing our efforts to regain and maintain the confidence and trust of our shareholders, customers and employees.”
Earlier, former Ahold chief executive Cees van der Hoeven said he had also reached a settlement with the SEC. Van der Hoeven resigned in the wake of the accounting scandal. He told reporters the settlement suggested negligence on his part without willful wrongdoing, but did not go into details.
