Ahold to pay 'black hole' advisers £70m
Dutch retailer Ahold is facing long and expensive remedies to the accounting irregularities that came to light in February this year.
The retailer has announced that it will spend £70m this year on fees for advisers hired to make good on the damage caused by the €970m accounting black hole.
Earnings in 2003 are expected to be under pressure, particularly at its US Foodservice division – the subsidiary at the heart of the problem.
The retail giant is under investigation by the Dutch authorities, the US Justice Department and the US Securities & Exchange Commission. Shares fell 56 eurocents to €7.13 following the announcement.