Troubled Dutch retailer Ahold has decided to undertake a further review of certain transactions and related matters at its Argentine subsidiary Disco.
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The company said the decision was made in light of the ongoing investigations at Ahold and was in keeping with the company’s intent to cooperate with all regulatory authorities. Ahold said the review is also intended to ensure that Disco’s books and records are in compliance with all applicable regulations.
Disco has requested from the Buenos Aires Stock Exchange (Bolsa) and the Argentine Securities Regulatory Authority (CNV) a further extension to 12 May 2003, of Disco’s 2002 financial statement filing deadline.
Ahold, which announced in late February that it had been investigating the legality of certain transactions and accounts at Disco, said the results of the initial investigation into transaction irregularities showed that there would be no material adverse impact on Ahold’s financial results.
The company said it has no reason to believe at this time that this further review will alter this finding.
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