Ann Crotty Writer-at-large
Picture: SUPPLIED
Picture: SUPPLIED

Coronation Fund Managers, one of the largest shareholders in Steinhoff when it announced "accounting irregularities" in December, will be taking legal action against the company.

Its statement follows last Thursday’s announcement that GT Ferreira and the vendors of Tekkie Town lodged demands with Steinhoff. They were prompted by former chairman Christo Wiese’s decision to serve summons on Steinhoff.

Coronation said that where possible it would also be taking action against any other parties that have been complicit in any wrongdoing.

It is the first South African-based investor to announce legal action as a shareholder.

"We are in the process of completing our legal due diligence on the various legal options available to us and have consulted extensively with international counsel in this regard," Coronation spokeswoman Louise Pelser told Business Day on Friday.

If you are already a subscriber, please click on the following link below to go to the full article: Coronation to take Steinhoff to court

If you would like to subscribe  to BusinessLIVE Premium to read the full story, please click here to subscribe.  

Please sign in or register to comment.