Steinhoff International said on Friday it
had presented its argument to the Dutch court and was confident of a
victory in a dispute with its former joint venture partner regarding
accounting fraud allegations.
The retail group said the verdict of the petition, brought by OM Handels and MW Handels, was expected in the next two months.
Steinhoff’s shares came under pressure in August when a German magazine reported that CEO Markus Jooste and other executives were under investigation for accounting fraud.
Steinhoff strenuously denied the allegations‚ and said the source of that story was a former joint venture partner embroiled in litigation with Steinhoff subsidiaries.
"Steinhoff … presented its position to the court and remains confident that the arguments, supported by independent lawyers and legal opinions, will lead to the rejection of the petition," it said in a statement on Friday.
It first alerted the market to Andreas Sieferts’s petition to the Dutch court on Monday, two days before the JSE debut of Steinhoff Africa Retail (Star).
Aside from the Sens announcements on Monday and Friday, Steinhoff executives have refused to comment on the legal battle.
BDLIVE SA
The retail group said the verdict of the petition, brought by OM Handels and MW Handels, was expected in the next two months.
Steinhoff’s shares came under pressure in August when a German magazine reported that CEO Markus Jooste and other executives were under investigation for accounting fraud.
Steinhoff strenuously denied the allegations‚ and said the source of that story was a former joint venture partner embroiled in litigation with Steinhoff subsidiaries.
"Steinhoff … presented its position to the court and remains confident that the arguments, supported by independent lawyers and legal opinions, will lead to the rejection of the petition," it said in a statement on Friday.
It first alerted the market to Andreas Sieferts’s petition to the Dutch court on Monday, two days before the JSE debut of Steinhoff Africa Retail (Star).
Aside from the Sens announcements on Monday and Friday, Steinhoff executives have refused to comment on the legal battle.
BDLIVE SA
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