Steinhoff gets reprieve as Johannesburg class action is dismissed
Lawsuits replaced debt as Steinhoff’s most pressing concern after the retailer struck a deal with creditors to delay payments to 2021
Steinhoff International got some respite on Friday as a Johannesburg high court dismissed a local class action suit brought against the global retailer after an accounting crisis in late 2017 caused its share price to collapse.
The application, by a retired pensioner who had bought shares for R80,000 between 2013 and 2016, is one of various mass action suits planned against the company. In 2018, several SA businesses, representing clients that held about 20% of Steinhoff’s stock before the uncovering of the accounting irregularities, joined a class action by Dutch law firm BarentsKrans NV...