BusinessCompany NewsAhold to reveal intentions for US business

Ahold to reveal intentions for US business

Scandal-hit Dutch grocery group Ahold, is to its reveal plans for US Foodservice, its subsidiary at the heart of the near €bn (£700m) black hole in its accounts.

Link: Ahold in criminal investigation

All will be revealed at a general shareholders meeting at the Circus Theatre near the Hague, on 4 September, where Anders Moberg, the new Ahold chief executive, will reveal its recovery strategy.

It is likely to include continued retrenchment in its core European and US retail operations, according to reports.

Moberg, the former Ikea boss, will also have to explain to shareholders why the company has delayed, for a second time, the publication of 2002 audited accounts, set to be published on 30 September.

In February 2003, Ahold revealed problems at US Foodservice, Ahold’s distribution service, over the way it accounted for income.

The company is already saddled with massive debt problems fuelled by an aggressive acquisition strategy, which has made merging different accounting practices together difficult.

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