BusinessCompany NewsAhold puts £2.24bn price on accounts scandal

Ahold puts £2.24bn price on accounts scandal

The accounting scandal at Dutch supermarket chain Ahold has seen the company reduce the value of its assets by €3.2bn (£2.24bn).

Link: Ahold in frantic rush to secure Deloitte signature

Ahold finally released its annual results yesterday after missing its audit deadline for the third time last month.

The majority of the assets write down, €2.7bn, was related to its subsidiary, US Foodservice, the part of the business at the heart of the £300m profits overstatement announced in February this year.

Overall the company announced a €1.2bn net loss, with chief executive Anders Momberg calling 2002 a ‘lost, difficult and negative year’.

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