Former Ahold director Michael Resnick has pleaded guilty to a conspiracy charge in connection with alleged false entries made in the books and records to artificially increase the operating results of the Dutch retailer’s US food division, reported the Wall Street Journal.

The former CFO of Ahold’s US Foodservice unit, which is facing shareholder pressure to be put up for sale at the moment, has been charged with securities fraud, conspiracy and making a false filing with the US Securities and Exchange Commission.

Resnick, who left the company in 2003, pleaded guilty on 8 September to a single count of conspiracy, before his lawyer Benjamin Rosenberg confirmed to the WSJ on Monday (18 September) that his client had entered the plea and had not entered a cooperation agreement with the government as a condition of the plea.

According to reports, he will be sentenced on 11 December and could face up to five years in prison.