Officials Allow Limited Inquiry into Ahold's Affairs

ZAANDAM, The Netherlands - The Enterprise Chamber of the Amsterdam Court of Appeal has ordered a limited inquiry into the conduct of certain actions of Ahold from Jan. 1, 1998, to Dec. 18, 2003, according to the multinational retailer.

The request for the inquiry, the intent of which is not to seek damages from Ahold, was submitted in February 2004 by the Vereniging van Effectenbezitters ("VEB") and several other shareholders.

Ahold said the inquiry is limited to the following issues: consolidation of joint ventures, its acquisition of U.S. Foodservice, Columbia, MD, and its supervision on the organization and operation of internal controls of subsidiaries, including U.S. Foodservice.

All other requests for inquiry made by the petitioners have been rejected by the Enterprise Chamber, including all challenges of policies pursued after Feb. 24, 2003, Ahold said. Also, the request for precautionary measures, which might have interfered with present management policies, has been rejected, it added.

"Recently, two important investigations with respect to the company have been completed. Settlements have been effected with the Dutch Public Prosecutions Department and, without a fine, with the SEC. This was primarily due to the fact that Ahold has cooperated fully in these investigations and to the major recovery measures we have taken. We will also fully co-operate with this inquiry, ordered by the Enterprise Chamber. Ahold will attempt to ensure that the inquiry will be concluded as soon as possible in the interest of its shareholders and other stakeholders," observed Peter Wakkie, member of the Ahold executive board and chief corporate governance counsel.

Members help make our journalism possible. Become a Restaurant Business member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.

Multimedia

Exclusive Content

Marketing

Meet the restaurant industry's new government adversary

Reality Check: The FTC wants the business to change several longstanding operating conventions. Has it heard why that's a bad idea?

Financing

Why are so many restaurant chains filing for bankruptcy?

The Bottom Line: A combination of rising costs and weakening sales, and more expensive debt, has caused real problems for restaurant chains. But the industry is also really difficult.

Financing

Despite their complaints, customers keep flocking to Chipotle

The Bottom Line: The chain continued to be a juggernaut last quarter, with strong sales and traffic growth, despite frequent social media complaints about shrinkflation or other challenges.

Trending

More from our partners