Ahold's shares were battered when news of the scandal emerged

Ex-finance chief Michael Resnick and former marketing manager Mark Kaiser denied conspiracy and securities fraud.

Two other former Foodservice executives have pleaded guilty to the charges.

The case stems from an inquiry into Ahold's 2003 admission that earnings at the business had been overstated by more than $800m (�493m).

News of the overstated accounts hammered Ahold shares, which lost two-thirds of their value in one day, and prompted the chief executive and chief financial officer to resign.

Complex web

The revelations led US prosecutors to launch an industry-wide investigation.

US prosecutors allege that the four former executives were part of a plan to book fictitious rebates known as "promotional allowances" which were used to help cut costs and boost profit.

Other charges included securities fraud, conspiracy to commit securities fraud and filling false statements to US stock market regulators.

The other two men to be charged, former purchasing executives William Carter and Timothy Lee, have pleaded guilty to securities fraud and conspiracy and have agreed to cooperate with investigators.

Allegations denied

However, Mr Kaiser and Mr Resnick deny any wrongdoing. If they are found guilty they could face up to 20 years in jail.

"We believe the evidence will show Mr Kaiser is innocent of the charges against him," his lawyer Peter White said following an arraignment hearing in New York.

Lawrence Benjamin, Foodservice's new chief executive, said that the company "has been actively cooperating with the authorities in their investigations".