Beleaguered Dutch retailer Ahold has said a lawsuit filed by a shareholder group could result in costs of between €75m and €100m (US$92.7m-123.6m) to the company.
The lawsuit, filed by the Dutch Stockholders Association (Veb), seeks compensation for alleged mismanagement and a restatement of the company’s earnings.
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.
Ahold has already appealed to the VEB to drop the claims, which the company says are not in the interests of shareholders. Ahold has said the court case could threaten its recovery plan, reported Reuters.