Steinhoff shareholders want Amsterdam court to launch inquiry | Fin24

Steinhoff shareholders want Amsterdam court to launch inquiry

Feb 21 2019 10:29
Jan Cronje

A group of Steinhoff [JSE:SNH] shareholders has petitioned the Enterprise Chamber of the Amsterdam Court of Appeal to launch an inquiry into the global retailer. 

The multinational group is domiciled in the Netherlands, although its headquarters are in Stellenbosch.

The enterprise chamber is a division of the Court of Appeal of Amsterdam that can launch inquiries into companies if asked to do so.

In a notice to shareholders on Thursday morning, Steinhoff said the petition includes a request to appoint an investigator and an additional member of its supervisory board to ensure that "information is provided to shareholders adequately and in the context of any inquiry to be ordered by the Enterprise Chamber."

"The Enterprise Chamber has sent notices to certain interested parties with regards to these proceedings. A hearing is scheduled to take place on 23 May 2019," it said.

Steinhoff's share price tanked in December 2017 when its auditors flagged accounting irregularities in its books.

PwC was appointed to conduct an independent forensic investigations into the company, which has dragged on since December 2017 due to the complexity of the multinational's finances.

The group's shares were trading at R1.89 a share on Thursday morning, down 90% from their level before the scandal broke.

steinhoff  |  markus jooste  |  retail


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