08 August 2018 1 Min Read

Steinhoff class-action lawsuit begins in Joburg – and could be worth as much as R185bn

in Business Times by Warren Thompson
The law firms are looking to pursue claims  on behalf of all investors who purchased Steinhoff shares in the period from at least June 26 2013 up to the date former CEO Markus Jooste resigned
Image: SUNDAY TIMES
Loading ...

A consortium of law firms has applied to launch a class-action lawsuit in the South Gauteng high court on behalf of investors in Steinhoff‚ seeking damages that could potentially run to as much as R185-billion.

The lawsuit brings claims on behalf of all investors who purchased Steinhoff shares in the period from at least June 26 2013 up to the date former CEO Markus Jooste resigned‚ on December 5 2017.

More than 30 current and former directors of Steinhoff and its subsidiaries have been named as respondents‚ including Jooste‚ former CFO Ben la Grange‚ former chair Christo Wiese‚ as well as Steinhoff’s current CEO‚ Danie van der Merwe.

The application is brought by Johannesburg-based class-action law firm LHL Attorneys‚ Dutch firm Bynkershoek Dispute Resolution‚ and German firm TILP Litigation.

For the full story‚ visit BDlive. 

Loading ...

READ MORE

Business Times 5 years ago

PIC takes wait-and-see stance on stake in Steinhoff

The best time to have got out was before the December 6 announcement
News 5 years ago

Business tycoon Christo Wiese implicated in alleged tax dodging scheme

South African business tycoon Christo Wiese has been drawn into an alleged elaborate tax dodging scheme under scrutiny by the South African Revenue ...
Business Times 5 years ago

PIC staff want bosses suspended to be free to speak out on corruption

Employees of the Public Investment Corporation (PIC) say they have knowledge of numerous irregularities and instances of impropriety‚ which they want ...
Loading ...
Loading ...