The Dutch Investors Association (VEB) and European Investors, which are acting on behalf of Steinhoff International shareholders across the globe, served a writ of summons on Steinhoff on Friday. Serving summons puts more pressure on Steinhoff and other parties involved to acknowledge the interests of investors and to start negotiating a settlement to compensate shareholders for losses they suffered. The action has been brought on behalf of shareholders who bought or held shares between August 7 2015 and December 6 2017. The summons is the latest of many legal actions taken against the furniture group. Earlier last week, the Companies and Intellectual Property Commission of SA served a compliance notice on the company, giving the directors six months to identify the individuals involved in falsifying the accounting records and to institute criminal action against them. During this period, the board is obliged to provide the commission with monthly progress reports. In its action, VE...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.