Steinhoff board couldn’t have known financial statements had inaccuracies, court hears

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Two claimants are seeking over R16 billion in claims against Steinhoff.
Two claimants are seeking over R16 billion in claims against Steinhoff.
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There is no way a reasonable board would have concluded that Steinhoff's financial statements had inaccuracies, Steinhoff's legal counsel André Smalberger, SC, told the Western Cape High Court.

The court on Tuesday continued proceedings in a case involving Steinhoff and two claimants regarding the retailer's global settlement proposal.

Hamilton BV and Hamilton 2 BV, which is Ireland-based, and Trevo Capital, registered in Mauritius, have lodged a court application regarding Steinhoff's global settlement proposal. Following its share price fallout in December 2017, as former CEO Markus Jooste exited the group reportedly due to accounting irregularities, Steinhoff has had over 100 claims lodged against it as shareholders seek to recoup value lost. Steinhoff has since proposed a settlement.

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