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.
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.
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