Sanlam weighs Steinhoff class action
Investor keen to recover investment in failed retail group
Sanlam Investment Group is considering participation in a class-action lawsuit against Steinhoff in a bid to recover millions related to investment in the company and loans it extended. The group is weighing up its options after making notable losses following the collapse of Steinhoff's share price when news broke of suspected accounting irregularities at the retail group. "Sanlam has suffered losses as a result of its exposure to the Steinhoff share price. Sanlam is investigating means to recover some of those losses," the group told Business Times this week. "The collective action will be against Steinhoff and various other defendants mentioned in connection with the collective action," the group added. Earlier this month, a group of law firms applied to the South Gauteng High Court in Johannesburg to launch a class-action lawsuit on behalf of investors in Steinhoff to seek damages that could run to as much as R185bn. The application names the defendants as Dutch-incorporated Ste...
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