Other stories Ahold lawsuit names Deloitte
Ahold in its annual report for 2001 attributed its strong rise in revenues to the addition of ICA results. It consolidated ICA’s results in 2001 and 2000.
However, Dutch paper NRC Handelsblad yesterday learned that Ahold does not have full control over the subsidiary. ‘None of our shareholders has got a majority in the board, not even Ahold,’ said Peter Dettman, head of ICA Forbundet Invest, which is shareholder and director of ICA Ahold.
Consolidating a subsidiary that is not under control is against Dutch accounting rules. When asked about the consolidation, Ahold referred to its statement of last month. ‘We then said the the figures are wrong,’ an Ahold spokeswoman said.
The accounting error inflated operating results, but not Ahold’s net profit.
In the meantime, Ahold yesterday appointed a Briton to be its rescuer. Former BAE Systems finance director Dudley Eustace, will act as interim chief financial officer.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children