Global retailer Ahold said today an internal investigation into its accounts found €970 million in irregularities that will force it to restate results.
Ahold, which first revealed flawed book-keeping in February that ultimately forced its top management to resign, said it had uncovered an additional €73 million in intentional accounting irregularities.
This figure comes on top of a $856 million accounting hole at Ahold's key US Foodservice unit, where a legal investigation is continuing, and other irregularities at its US unit Tops and Latin American business Disco.
Shares in the Dutch group, which owns the Stop & Shop and Giant store chains in the United States, rose over 7 per cent as investors expressed relief that the worst may now be over.
Investor confidence has been hit by a growing list of European firms hit by scandals in their US businesses. Yesterday French engineering company Alstom shocked the market with news it had found accounting errors at a US unit.
Ahold's profits at its US Foodservice were inflated by irregular accounting for vendor allowances - promotional discounts commonly offered by suppliers to retailers and food service companies.