Steinhoff’s ‘Stalingrad’ playbook?
The Cape high court is this week hearing Steinhoff’s bid to consolidate all the cases against it into a ‘bumper’ trial. It may benefit the company— but claimants are contesting the action
The R200bn Steinhoff saga has moved, ominously but probably inevitably, into "Jarndyce v Jarndyce" territory. In that fictional case — a central part of the plot in Charles Dickens’s Bleak House — the court battle over the substantial Jarndyce inheritance drags on for generations, grinding to a halt only when legal costs have absorbed the entire estate.
Steinhoff CEO Louis du Preez has declared that dealing with the mountain of litigation will be a central pillar of his strategic focus, though he is determined it will not put the group off course as it steers its way towards some form of operational stability...