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Dutch law firm starts legal action against Steinhoff

Jul 02 2019 17:54
Carin Smith

Dutch law firm BarentsKrans has started legal proceedings against Steinhoff, the group said in an update to shareholders on Tuesday.

This comes after the firm initially invited shareholders in September last year to join a potential class action suit in the district court in Amsterdam against the retailer.

According to a statement issued by BarentKrans at the time, investors who bought shares in Steinhoff or its predecessor entity Steinhoff International Holdings Limited (SIHL) on either the JSE or the Frankfurt Stock Exchange would qualify. The shares would have had to be bought between June 26, 2013 and December 6, 2017 or the shareholders must have held some shares on December 5 or 6, 2017.

In Tuesday's update to shareholders, Steinhoff says that a writ of summons was received from BarentsKrans on June 21 on behalf of Hamilton BV. This initiates legal proceedings against Steinhoff and others "for declaratory relief relating to currently unquantified damages arising from alleged wrongful acts".

Steinhoff and Hamilton have agreed that no procedural steps would be due from Steinhoff until later in the year.

Fin24 reported earlier that, on June 19, 2019, Steinhoff launched proceedings against former CEO Markus Jooste and former CFO Ben La Grange in the Cape Town High Court to recover certain salary and bonus payments paid to the these two prior to 2017.

According to the latest statement by Steinhoff, the current management priorities include undertaking the internal reorganisation, determining the final implementation steps in order to complete the restructuring; maintaining stability across the group; continuing to consider the contents of the PwC report and to progressing various actions as appropriate and monitoring and defending any litigation claims brought against the group and identifying and pursuing recoveries where available.

steinhoff  |  retail  |  law
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