Dutch supermarket concern Ahold has reached a financial settlement with its former CEO Cees van der Hoeven and financial director Michiel Meurs in connection with the book-keeping scandal that hit the company five years ago.
In a statement on Friday, Ahold said Van der Hoeven has agreed to pay the company €5m and drop claims worth €4.5m against the supermarket chain. Meurs will pay €600,000 to Ahold and given up his claim to around €2m.
The scandal involving Ahold’s US Foodservice operation came to light in February 2003 and was ‘the biggest accounting fraud in Dutch history’, says ANP news service.
Last year Van der Hoeven and Meurs were given a conditional prison sentence of nine months for their role in the fraud and ordered to pay a fine of €225,000.
In a written statement of Friday Van der Hoeven said he had repeatedly apologised for his actions. ‘I have signed this agreement with Ahold to finally put an end to this ‘affair’’ he said.
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