Amsterdam Trial Of Ahold Ex-CEO Commences
The trial involving one of Europe’s largest financial scandals has commenced in Amsterdam, with prosecutors claiming that they have documentation that will prove that four former managers including the ex-CEO of Royal Ahold NV committed perjury.The former managers have been accused of inappropriate sales bookings from company subsidiaries in Latin America and Scandinavia, which, it is claimed, pushed the company into near bankruptcy. The men have denied the charges. The company operates the Giant and Stop & Shop chains in the United States.
The former CEO of the company, Cees vanderHoeven stated outside the courtroom: "It's clear to me that a lot of things went wrong in the last year I was at Ahold, but I always acted honorably. I'm here to take responsibility for my actions in public, and we'll see what the result is."
This trial is just one part of the huge financial scandal surrounding the company and the former managers. It is thought that a verdict will be announced around May 22nd of this year.
Topic Added March 10th, 2006
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