With so many investors queuing to launch legal action against Steinhoff for persuading them to make poor decisions on the basis of "misleading information", can it be much longer before the Reserve Bank decides to join the action? Christo Wiese, GT Ferreira and Coronation Fund Managers are all threatening legal action against Steinhoff International. Wiese alleges he was persuaded to exchange his valuable Pepkor shares for Steinhoff shares on the basis of the information provided by Steinhoff. Ferreira exchanged PSG shares for Steinhoff shares on the basis of the same misleading information. Coronation was similarly misinformed and exchanged hundreds of millions of rand for Steinhoff shares. Many hugely expensive decisions were taken on the basis of misinformation. Presumably in 2015, or whenever Steinhoff was preparing to transfer its primary listing to Frankfurt and its place of registration to Holland, the Bank was provided with similar information — that is, misleading. And on t...
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