LEGAL ACTION
Sygnia backs Deminor Recovery Services suit against Steinhoff
Sygnia plans to join the class action to be instituted by Deminor Recovery Services against Steinhoff, after it lost R316m on the stock’s collapse. Sygnia is the third South African-based asset manager to announce legal action against Steinhoff. The Public Investment Corporation and Coronation, which lost about R17bn and R14bn, respectively, on the retailer’s collapse will also pursue lawsuits against the group. Investors in Steinhoff lost about 98% of their investments in a share plunge when CEO Markus Jooste admitted to having made some "mistakes", which Steinhoff later confirmed as "accounting irregularities". Jooste resigned in early December, leaving the board to conduct a forensic investigation to determine the nature of the widespread accounting fraud. Brussels-based Deminor says on its website that it "assists private individuals, corporations and institutional investors from across the globe with recovering economic losses caused by various types of misconduct". Deminor’s l...
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