BusinessCompany NewsSuspended sentence and fine for Ahold CFO

Suspended sentence and fine for Ahold CFO

Former chief exec and finance chief guilty of fraud

Michiel Meurs, the former chief financial officer of Dutch retail giant Ahold
and Cees van der Hoeven, Ahold’s former CEO, have both been found guilty of
fraud by an Amsterdam court.

They were each fined 225,000 euros (£153,000) and given nine-month suspended
sentences for their roles in one of Europe’s largest accounting scandals. 

The defendants have already settled fraud charges in the US with the
Securities and Exchange Commission in connection to Ahold’s American chains Stop
& Shop and Giant.

Under their deal they admitted no guilt but accepted a lifetime ban from
holding office in a publicly traded company

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