Ahold to miss audit deadline

Link: Ahold needs $1bn restatement

Ahold, which is already caught up in a $880m overstatement at its US Foodservice division and must make an overall restatement of $1bn (£610m), revealed a further accounting hole of $29m (£17.7m) at US retail business Tops Markets.

The latest scandal was uncovered during investigations into the group’s various subsidiaries.

At the same time Ahold said it would not meet the 30 June deadline for auditing its books, but said an extension had been agreed with lending banks.

It said inquiries into its other units had taken longer than expected and auditors, Deloitte & Touche, were behind schedule.

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