More litigation for Steinhoff as investigation nears completion
On Thursday, embattled retailer Steinhoff warned of more litigation following a disastrous year during which legal claims amounting to billions of euros were initiated in the wake of Markus Jooste’s departure as CEO. The company, which lost more than R200bn of its market value following the collapse of its share price in December 2017 when it admitted to accounting irregularities, says it expects the forensic investigation by PwC into its affairs to be completed by the middle of March. “A number of legal proceedings have been initiated against the group, in addition to those reported previously,” it stated in the update posted on its website on Thursday. The company has established a newly constituted litigation committee to assist its management and supervisory boards in dealing with law suits underway in SA and Europe, most of which relate to losses incurred by shareholders in relation to “accounting irregularities”. The company again re-affirmed that its audited financial stateme...
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