Steinhoff legal battle suspended

Steinhoff International Holdings has been thrown a lifeline, with investment group VEB/European Investors agreeing to suspend collective ongoing legal action until 3 April 2019.

VEB/European Investors sued Steinhoff in the Dutch Court for incorrect and misleading financial statements, prospectuses and press releases, which led to financial losses by Steinhoff shareholders.

The suspension allows the struggling furniture retailer to focus on its ongoing restructuring and make further progress in its internal investigations and financial statements.

“Steinhoff is engaged in a complex reorganisation as it restructures its financial liabilities and finalises investigations and financial statements,” Steinhoff acting chief executive Danie van der Merwe said in a statement to investors.

“This agreement allows us time to focus on completing these tasks in the interest of all stakeholders.”

Once the suspension is lifted, the companies will be free to continue legal proceedings, or to negotiate a settlement.

Access exclusive analysis, locked news and reports with Inside Retail Weekly. Subscribe today and get our premium print publication delivered to your door every week.

Comments

Comment Manually

I have read and agree to the Terms and Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Inside Retail Polls

Is the US-China trade war having an impact on your business?
Vote

Twitter

#AlceonGroup announce first Victorian @Lego_Group store to open in @WestfieldAU Doncaster #retail https://t.co/qMfYJp5WFM

2 days ago

Almost half of online marketplace @Kogan gross profit for FY19 came from its private label offering #retail #onlinehttps://t.co/lLwhKBnVp2

3 days ago

Talks of a merger between @OZretailers and @retailaustralia have come to a close, with the parties failing to align… https://t.co/hkqHyDsBkr

1 week ago
x

SUBSCRIBE
FREE NEWS BRIEFS Get breaking news delivered