COURT ACTION
Steinhoff International shares hit by legal pressure
The Steinhoff International share price dipped below R60 briefly on Friday in the wake of continued pressure on sentiment as a result of European-based legal action initiated by a former joint venture partner. On Friday, the share closed at R60.50 after touching R59.59, it’s lowest level in two-and-a-half years. On Thursday the Dutch court heard an application for an order for an investigation into Steinhoff International’s 2016 annual accounts. Steinhoff said it presented its position to the court and remained confident the arguments, supported by independent lawyers and legal opinions, would lead to the rejection of the petition. "The chamber will now deliberate and Steinhoff expects a court decision to be presented within the next two months." Earlier in the week Steinhoff CEO Markus Jooste said "the annual accounts of Steinhoff International were established according to all applicable rules and to our best knowledge. The 2016 annual accounts are correct and received an unqualif...
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