Beleaguered Dutch retailer Ahold has said that a court has rejected its appeal to overturn a court decision to seize up to US$16.3m worth of shares it holds in its Argentine Disco subsidiary.

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Ahold said that it had been informed by its legal counsel in Uruguay that Ahold’s objection to the attachment on the company’s shares in Disco had been denied.

The seizure was ordered in early June as part of a case brought by former account holders at failed bank Banco Montevideo, part of the Velox group, which was Ahold’s partner in Disco from 1998 to 2002, reported Reuters.

Ahold, which last month said it expected the seizure to be overturned within days, said it was disappointed with the development.

“The company intends to vigorously seek the lifting of the attachment. Ahold is currently seeking legal advice on this matter and cannot comment further until more is known,” the company said in a statement.

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