Dutch retail giant Ahold has announced that it has 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.
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The VEB has filed a claim asking that the annual accounts for fiscal years 1998, 1999, 2000, 2001 and 2002 be nullified and that Ahold be ordered to restate its accounts and related annual reports for such periods.
Ahold has called the claim “unfounded” and said it intends to vigorously oppose it.
The VEB wants Ahold to restate the accounts because of last year’s accounting scandal at the company, in which earnings were overstated. The VEB also said the accounts should be restated because of improper consolidation of retail subsidiaries in Europe, reported Reuters.
