More legal news
22 May 2003
Dutch retailer Ahold has sacked a senior purchasing executive following a probe into an accounting scandal.
Timothy Lee, vice-president of purchasing at Ahold's US Foodservice division, was fired after an internal inquiry found the company had overstated the US subsidiary's profits by $880 million.
Lee was suspended in February when Ahold launched the investigation into the irregularities. Foodservice is writing off around $700 million of supplier rebates, which were used to inflate its profits.
Lee and Mark Kaiser, chief marketing officer, were the only executives said to be to blame for the overstatement.
An Ahold spokeswoman said: "We can confirm that Mr Lee and Mr Kaiser have been fired, but do not wish to comment further."