Lengthy legal battle between Steinhoff and Andreas Seifert is finally resolved
The long-running legal battle between Steinhoff International and Austrian businessman Andreas Seifert ended on Tuesday.
A settlement endorsed by a court in Dortmund in April whereby Seifert repurchases the half of his furniture chain Poco sold to Steinhoff has been implemented, Steinhoff said in a statement.
"Closing of the Poco sale shall bring the German litigation proceedings with the Seifert entities to an end," Steinhoff said.
As part of the agreement, Seifert will buy back Steinhoff’s half of his furniture chain Poco for €271m.
The deal also includes Poco releasing Steinhoff from €140m debt.
Seifert was among the first to accuse Steinhoff of false accounting, filing court papers in Germany, the Netherlands and Austria saying the group had not acknowledged that he owned half of Poco in its 2017 financial statements.
But Tuesday’s statement indicated Steinhoff’s legal woes in this matter are not entirely over.
"As noted in the company’s third-quarter trading update, following the declaration of a dispute by the Pohlmann family regarding the 2015 sale of their interest in LiVest to Steinhoff, any proceeds from the sale by LiVest of its 50% share in Poco will be held in escrow while the Pohlmann dispute is finalised," Steinhoff said.