Ahold puts £2.24bn price on accounts scandal

Ahold finally released its annual results yesterday after missing its audit deadline for the third time last month.

The majority of the assets write down, €2.7bn, was related to its subsidiary, US Foodservice, the part of the business at the heart of the £300m profits overstatement announced in February this year.

Overall the company announced a €1.2bn net loss, with chief executive Anders Momberg calling 2002 a 'lost, difficult and negative year'.