CLASS ACTION
Rapid action against Steinhoff is ‘the right move’
Armand Kersten, head of European relations at the Dutch Investors Association (VEB), said he believed it was appropriate to have promptly initiated legal action against Steinhoff, as it ensured the members of the board were under pressure to address the problems. VEB, a Hague-based not-for-profit organisation, launched its class action case against Steinhoff in February after signalling its intent on December 7. "We are aware of the PwC investigation and realise it is incredibly complicated, but at times it seems the company is doing whatever it can to drag things out." He described as "incredulous" the recent comment by Steinhoff chairwoman Heather Sonn that PwC was in the preliminary stages of the investigation. Kersten said he could only speculate that the board members wanted time to work out how to deal with the situation. Kersten and VEB colleagues will be visiting SA next week to establish "partnership relations" with institutional investors keen to participate in VEB’s class...
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