PlanetRetail.net reports that Ahold management has denied allegations made by a Dutch ethics watchdog group that the company’s board of directors knew of fraud taking place at its US Foodservice division as far back as 2000.
The company's management issued a statement saying that the charge is "factually incorrect," and that it only became aware of the situation there last February.
Since then, of course, Ahold has been embroiled in an accounting scandal that has cost executives their jobs, undermined its credibility in the marketplace, and raised questions about its ability to rebound.
The company's management issued a statement saying that the charge is "factually incorrect," and that it only became aware of the situation there last February.
Since then, of course, Ahold has been embroiled in an accounting scandal that has cost executives their jobs, undermined its credibility in the marketplace, and raised questions about its ability to rebound.
- KC's View:
- We think that when a company has had more a billion dollars in overstated profits and is being investigated for fraud on both sides of the Atlantic, it needs to be a bit careful about the level of its righteous indignation. We're not saying it is guilty…just that it ought to be careful.
