Ahold has rubbished press reports claiming ousted CEO Cees Van der Hoeven and CFO Michiel Meurs have asked for excessive severance packages.

The troubled retailer said that both of the former board members have agreed to independent arbitration on severance package.

Meanwhile, some 5,000 investors in Ahold have teamed up with a Dutch shareholders rights group Vereniging van Effectenbezitters to consider legal action against the group.

VEB has also written to Ahold opposing a settlement package for Van der Hoeven and Meurs, after news of Ahold’s financial woes wiped a third off its share price.