Ahold, the Dutch food retailer, has escaped a fine from the Securities and Exchange Commission despite being charged with fraud for overstating income at its US subsidiary by €33bn over two years.

The US Securities and Exchange Commission on Wednesday charged and censured Ahold, but said that it opted against a fine due to the company's efforts to help expose massive accounting irregularities at US Foodservice, the wholly-owned subsidiary at the centre of the fraud charges.