Shareholders petition Amsterdam court to launch inquiry into Steinhoff

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JOHANNESBURG, February 21 – Embattled retail giant Steinhoff International said on Thursday that it has received a petition by a group of shareholders for inquiry proceedings before the Enterprise Chamber of the Amsterdam Court of Appeal.

“The petition includes a request to appoint an investigator as well as an additional member of the supervisory board of the company whose role will include oversight.

“That information is provided to shareholders adequately and in the context of any inquiry to be ordered by the Enterprise Chamber.”

Steinhoff said 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.

In January 2019, Dutch Investors Association (VEB) launched a class action against Steinhoff in the Netherlands for the losses suffered by its shareholders in a 2015 share sale.

Steinhoff’s share price collapsed by more than 90 percent in December 2017 when its auditors flagged accounting irregularities in its books.

The company, now with a market capitalisation of around R 8,1 billion in the Johannesburg Stock Exchange, was trading at R1,88 per share on Thursday, a 1.1 percent decline from close of trading on Wednesday. (ANA)