Steinhoff shareholders are looking to European authorities for justice in what has been described as the most significant corporate scandal in SA. Moneyweb MarkusJooste
Steinhoff shareholders are looking to authorities in Europe for justice in what has been described as the largest corporate scandal in South Africa. Shareholders mostly believe there have been few signs of a local criminal investigation against the people who were allegedly involved in the accounting fraud that saw the company crash from a core holding in most portfolios to barely surviving.
SdK says it is one of the biggest and most successful shareholder activist groups in Europe, and that it has the motivation and resources to ensure justice is served. This leads to the second European court shareholders are watching. Steinhoff International Holdings NV is registered in the Netherlands and a Dutch court will need to approve the proposed transaction or accord, in which large creditors will gain all the value in the group – if any – and leave shareholders with nothing.
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