The scandal struck grocer last week said it would renew the investigation into the accounts of Argentine subsidiary Disco. Ahold first reported suspected irregularities in Disco’s accounts in February, when it simultaneously reported a $500m hole in the accounts of its subsidiary, US Foodservice.
Ahold said it wants to divest its South American subsidiaries in order to concentrate on its ‘mature and most stable markets and to generate funds to pay down debt’. It has not set a timescale in a bid to maximise value, but is already in negotiations to divest its holdings in Chile.
‘We will continue to fully support our operations during this divestment process by ensuring that all our obligations to suppliers continue to be met,’ said Theo de Raad, Ahold board member responsible for Latin America.
Harrison Beale & Owen will (HB&O) have a new chairman and managing director at the helm for 2017
Satvir Bungar promoted to managing director in the mergers and acquisitions team
Carolyn Brown appointed as the first head of client legal services practice RSM Legal
UK senior partner Phil Verity has been elected for a second term at Mazars