Ann Crotty Writer-at-large

The Dutch Investors Association (VEB) says it has been approached by many South African-registered Steinhoff shareholders interested in participating in its class action against Steinhoff.

News that the well-resourced VEB is prepared to fight for South African shareholders adds to the mounting woes facing the world’s second-largest furniture retailer.

On Thursday, Steinhoff’s share price dived another 10.6% to close at R6.75 as general market sentiment was hit by recurring waves of uncertainty.

Armand Kersten, head of European relations at VEB, told Business Day the association initiated action on December 7 following Steinhoff’s announcement that it had launched an investigation into accounting irregularities and the subsequent collapse in its share price.

The European Investors’ Association is also participating in the legal action.

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