BusinessCompany NewsAhold execs to be indicted

Ahold execs to be indicted

Prosecutors are expected to indict three former executives of Dutch retailer Ahold's US-based foodservice unit, including former CFO Michael Resnick, on charges of conspiracy to commit securities fraud.

Link: Ahold to pay ‘black hole’ advisers £70m

Ahold spokesman Fritz Schmuhl could not comment on the ongoing investigation, but confirmed that Ahold was cooperating fully.

Also expected to be charged are former vice president William Carter and former marketing manager Mark Kaiser, according to a report in today’s Wall Street Journal.

In February 2002, Ahold admitted that it overstated its profits by at least $500m (£317m), with the error primarily related to its American subsidiary US Foodservice.

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor