The Court of Justice in the Netherlands this morning convicted former Ahold CEO Cees van der Hoeven and CFO Michiel Meurs of fraud in the accounting scandal case that roiled the company. The two men were found guilty of publishing inaccurate balance sheets and misleading investors, and were fined the equivalent of $287,000 apiece.
The two former executives also were given nine-month suspended sentences, and will not have to serve any actual jail time. However, prosecutors who had been seeking prison terms for the two men said that they will appeal the sentences and look for tougher penalties.
Another former member of Ahold’s board of directors, Jan Andreae, was also given a four-month suspended sentence and a fine. Former board member Roland Fahlin, who served as the chairman of Ahold’s accounting commission, was acquitted of all charges.
The two former executives also were given nine-month suspended sentences, and will not have to serve any actual jail time. However, prosecutors who had been seeking prison terms for the two men said that they will appeal the sentences and look for tougher penalties.
Another former member of Ahold’s board of directors, Jan Andreae, was also given a four-month suspended sentence and a fine. Former board member Roland Fahlin, who served as the chairman of Ahold’s accounting commission, was acquitted of all charges.
- KC's View:
- Whether these two guys end up going to jail or not, we think they should do the business community the courtesy of fading away into the woodwork, never to be heard from again…except, of course, to have their names used as a reference point for exceptional arrogance and malfeasance.
