BusinessCompany NewsAhold to pay ‘black hole’ advisers £70m

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.

Link: Ahold puts £2.24bn price on accounts scandal

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.

Related Articles

M&S business rate liabilities based on £570m rateable value

Company News M&S business rate liabilities based on £570m rateable value

4m Emma Smith, Managing Editor
BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

8m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

1y Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

1y Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

1y Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

1y Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

1y Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

1y Emma Smith, Managing Editor