Ahold presents audited results to banks
Dutch super grocer Ahold says it has presented the audited results of its Dutch subsidiary, Albert Heijn, to its bank syndicate.
Link: Ahold to miss audit deadline
Presented today, the Albert Heijn results are the first in the Ahold Group to have found auditor approval.
In March, Ahold’s auditor Deloitte & Touche refused to approve Ahold accounts and suspended the audit after finding a $500m (£307m) hole in the accounts of US subsidiary, Foodservice division.
Further investigation reveal more accountancy irregularities in other subsidiaries in other countries and Ahold is now believed to be caught up in a $880m (£541m) overstatement of its accounts.
Ahold agreed an emergency credit facility of £1.9bn with its banks in March. Part of this loan consisted of a £562m unsecured tranche, given on condition that the company delivered audited 2002 financial statements for Albert Heijn no later than 2 June.
Ahold has not yet made the audited Albert Heijn accounts public. It said last month that it will not meet the 30 June deadline for auditing its consolidated books.