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Dutch Supermarket Firm May Have Overstated Profits by More than $500 Million.
By Patrick Hosking, Evening Standard, London Knight Ridder/Tribune Business News
Feb. 24--Europe's biggest recent false accounting scandal erupted today as Dutch-based supermarkets giant Ahold warned that profits last year may have been overstated by more than $500 million (UKpound 317 million).
The admission -- the latest in a trolleyful of mishaps for the world's third-biggest supermarket operator -- sent shock waves through the capital markets.
Ahold shares more than halved and its bonds were also savaged. Ahold, which owes a net euro12 billion (UKpound 8.2 billion) in bank debt and bonds, faces almost certain downgrade to "junk" ...
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