August 5, 2009
Former Royal Ahold Executive Settles SEC Accounting Charges
The SEC settled charges against Johannes Gerhardus Andreae, a former Executive Vice President and former member of the executive board of Royal Ahold (Koninklijke Ahold N.V.). The SEC alleged that Andreae and others at Royal Ahold participated in a scheme to consolidate joint ventures improperly, which caused Royal Ahold fraudulently to publish materially false and misleading financial and other statements for at least fiscal years 2000 and 2001 and for the first three quarters of 2002. Royal Ahold is a publicly held company organized in The Netherlands. At the time of the alleged misconduct, the company had registered securities with the Commission pursuant to Section 12(b) of the Exchange Act.
The proposed Final Judgment would: (i) permanently enjoin Andreae from violating Section 17(a) of the Securities Act of 1933; violating, or aiding and abetting violations of, Sections 10(b) and 13(b)(5) of the Securities Exchange Act of 1934 (Exchange Act) and Rules 10b-5, 13b2-1, and 13b2-2 thereunder; and from aiding and abetting violations of Sections 13(a), 13(b)(2)(A), and 13(b)(2)(B) of the Exchange Act and Rules 13a-1 and 13a-16 thereunder; and (ii) bar Andreae from serving as an officer or director of a public company. The proposed Final Judgment is subject to the approval of the U.S. District Court for the District of Columbia.
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