Dutch retail giant Ahold has announced that the Court of First Instance in the Netherlands Antilles has dismissed all claims filed by Distribucion y Servicio D&S and Servicios Profesionales y de Comercialization (together “D&S”) against Disco Ahold International Holdings.
D&S initiated civil proceedings against Disco Ahold International in connection with Disco’s acquisition in 2000 of Supermercados Ekono, which owned supermarkets in Buenos Aires, Argentina. D&S alleged, amongst other things, that Disco underpaid a deferred portion of the purchase price by Argentina’s “pesofication” law, which requires that all foreign currency debts be paid in Argentine pesos.
D&S, which had sought approximately US$47.5m as well as interest, was ordered to pay costs, but is allowed to appeal.
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Peter Wakkie, Ahold’s executive vice president and chief corporate governance counsel, said he was “delighted” with the judgment.
