Dutch retail group Ahold is to make an early repayment of debt in the wake of last year’s 1bn euros accounting scandal at its US Foodservice unit and set up new financial controls to ensure transparent reporting.

Ahold said that 4% convertible subordinated notes due in 2005 would be repaid on or about June 2 worth some 920m euros.

The group has also created a ‘Business Control for Retail’ function to support and challenge its retail units in reviews and analysis of actual performance and future plans. The BC unit will also coordinate Ahold's real estate strategies and capital budgeting process.

Ahold has appointed current chief financial officer of its US retail arm, Brian Hotarek, as chief business controlling officer. Joost Sliepenbeek, a senior vice president controller, has been appointed chief accounting officer.