Ex-Ahold management goes on trial over accounting scandal
AFP, March, 2006
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AMSTERDAM (AFP) — The former management of Dutch retail giant Ahold will appear in court Monday for the accounting scandal that brought Ahold, then the world's second-largest retailer, to the brink of bankruptcy.
In 2003 more than 900 million euros (1.1 billion dollars) in accounting irregularities were discovered at Ahold joint ventures in Argentina, Brazil and Scandinavia.
Three years after Ahold announced the fraud on February 24, 2003, the company's former chairman Cees van der Hoeven, the ex-chief financial officer Michiel Meurs, former European activities director Jan Andreae and Roland Fahlin, the ex-chairman of Ahold's accounting commission, will have to explain their "intentional" accounting irregularities to the judges.
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They are formally charged with forgery and fraud for publishing false financial accounts.
According to prosecutors, Ahold falsely claimed to have control over subsidiaries in Sweden and Latin America and incorporated their results into the ...
