Coronation to take Steinhoff to court
The investment manager is the first local investor to take action as a shareholder, while VEB warns this could lead to bankruptcy
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. "Once our legal due diligence is completed in the coming weeks we will be well placed to decide which course of legal acti...
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