Disco, the Argentine unit of troubled Dutch retailer Ahold, has said it is not being investigated as part of a Dutch judicial investigation of its parent company.
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“The Dutch justice system is not carrying out any investigation into the company’s accounts,” Disco was quoted as saying by Dow Jones International News.
Disco said the Dutch investigation was focused on how Ahold accounted for results generated from its joint ventures. Disco became a wholly-owned subsidiary of Ahold last August.
Earlier this week Dutch authorities raided Ahold headquarters in the Netherlands as part of an investigation into the company’s accounting practices. “The suspicions (of falsification) are based on some side letters presented by Ahold concerning the consolidation of joint ventures in Sweden/Norway, Brazil, Guatamala and Argentina,” the Dutch prosecutor was quoted by Reuters as saying.
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