Troubled Dutch retailer Royal Ahold is set to reveal the results of three final internal probes as it tries to overcome an accounting scandal in which profits were overstated by more than US$900m.
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Following the February announcement of a massive overstatement of earnings, later found to be $880m, at Ahold’s US Foodservice unit, the company launched internal investigations into its other units. A further $29m in overstated earnings has been discovered, mainly at the company’s Tops Markets in the US.
Fourteen units have been probed and cleared, with three remaining – the company’s Dutch headquarters, its Spanish operations and an unnamed third entity, reported Reuters.
