Lancaster abandons Steinhoff court bid
Jayendra Naidoo’s investment outfit claimed more than R12bn from Steinhoff but was offered R200m in settlement of the claim they have abandoned
Lancaster 101 has abandoned a court bid against Steinhoff’s settlement offer to dozens of aggrieved shareholders, removing one of the stumbling blocks for the company to close a chapter in the country’s biggest accounting fraud.
Lancaster, Jayendra Naidoo’s investment outfit that borrowed billions of rand from the Public Investment Corporation to buy into Steinhoff, is among investors that opposed Steinhoff’s R14bn offer to settle claims worth more than R130bn from shareholders and business partners who filed lawsuits on grounds that they were duped into buying worthless shares. ..