GENERAL MERCHANDISE NEWS
Food brands drawn into Ahold investigation
4 April, 2003 | by Retail Bulletin
Heinz and General Mills asked for information on dealings with US Foodservice
April 4 2003
The US Securities and Exchange Commission has extended its investigation into Ahold subsidiary US Foodservice, asking major food brand owners for details of sales.
Heinz and General Mills both confirmed they had been asked to cooperate with then SEC’s investigation into the $500m overstatement of profits at US Foodservcies, which is related to supplier payments.
General Mills chief executive Steve Sanger said: “We have been contacted by the SEC and we will be cooperating fully with their request for information.” Heinz said it would comply with a request to supply the authorities with documents regarding its dealings with Ahold and US Foodservice.
