Court probes controversial lending practices by Capfin

Steinhoff International’s troubles continue to mount. On Thursday, the Cape High Court began to interrogate the controversial lending practices of Capfin, which provided unsecured credit to customers of Pepkor and Ackermans. Pepkor and Ackermans are two of Steinhoff’s most profitable subsidiaries. They operate predominantly in Africa and were essential to the formation of Steinhoff Africa Retail. Capfin was extensively covered in the controversial report released by Viceroy Research the day after Steinhoff announced it was investigating "accounting irregularities" in early December.

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