Steinhoff confident of victory in Dutch court case over accounting fraud claims
Steinhoff International said on Friday it had presented its argument to the Dutch court and was confident of a victory in a dispute with its former joint venture partner regarding accounting fraud allegations.The retail group said the verdict of the petition, brought by OM Handels and MW Handels, was expected in the next two months.Steinhoff’s shares came under pressure in August when a German magazine reported that CEO Markus Jooste and other executives were under investigation for accounting fraud.Steinhoff strenuously denied the allegations‚ and said the source of that story was a former joint venture partner embroiled in litigation with Steinhoff subsidiaries."Steinhoff … presented its position to the court and remains confident that the arguments, supported by independent lawyers and legal opinions, will lead to the rejection of the petition," it said in a statement on Friday.It first alerted the market to Andreas Sieferts’s petition to the Dutch court on Monday, two days befor...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.