Scandal-ridden Steinhoff is racking up legal fees as it fends off a slew of challenges that show no sign of abating. But this is perhaps the least of its problems as results released on Friday reveal that the group's financial position is as murky as ever while its local subsidiary faces problems of its own. In its financial results for the six months to March, the group said it had incurred professional fees of €39-million (about R626-million). It has had to fend off a number of legal actions after accounting irregularities surfaced in December last year. The professional fees, of which €28-million were related to group service companies, were paid to various advisers such as Moelis, AlixPartners, PwC and Deloitte.Steinhoff said "professional fees are expected to increase substantially until the restructure plan has been finalised and all the relevant agreements have been concluded".The group said it had received support from the requisite majority of creditor groups to amend the s...
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