Dutch retail giant Ahold has appealed to the Association of Dutch Stockholders to discontinue the claims it has announced against Ahold.
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Ahold announced earlier this month that it had been served by the VEB (Association of Dutch Stockholders) with a summons to appear before the Enterprise Chamber of the Amsterdam Court of Appeals regarding the company’s accounts.
The VEB filed a claim asking that Ahold’s annual accounts for fiscal years 1998, 1999, 2000, 2001 and 2002 be nullified and that the company be ordered to restate its accounts and related annual reports for such periods. The VEB has also requested an investigation into Ahold’s affairs.
In an open letter, Ahold appealed to the VEB to drop the claims, which the company says are not in the interests of shareholders.
CEO Anders Moberg wrote in the letter that the VEB was attacking financial statements that have been accepted by the majority of shareholders and that Ahold would incur substantial costs for the defence against this action, which it could better save.
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By GlobalDataRegarding the requested investigation into Ahold’s affairs, Moberg said such proceedings “are counterproductive and keep management from doing what it most required now: creating value for shareholders”.
