To view the PDF file, sign up for a MySharenet subscription.

STEINHOFF INTERNATIONAL HOLDINGS N.V. - Steinhoff Update on Forensic Report Ruling

Release Date: 23/05/2022 10:10
Code(s): SNH SHFF     PDF:  
Wrap Text
Steinhoff – Update on Forensic Report Ruling

Steinhoff International Holdings N.V.
(Incorporated in the Netherlands)
(Registration number: 63570173)
Share Code: SNH
ISIN: NL0011375019

Steinhoff Investment Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1954/001893/06)
ISIN: ZAE000068367


Steinhoff International Holdings N.V. (“Steinhoff” or the “Company””) provides the following
update on the court ruling of 10 May 2022 in respect of the forensic report.

Court ruling – Forensic Report

The Western Cape Division of the High Court of South Africa ruled on 10 May 2022 that Steinhoff
must supply Tiso Blackstar and amaBhungane with a copy of the PwC report within ten days.
The Court found that Steinhoff failed to establish that the report was protected by legal
privilege in that Steinhoff already contemplated there would be litigation when the report was

After due consideration and taking legal advice on the matter, Steinhoff has filed a notice
applying for leave to appeal.

Reasons behind the decision to appeal

The continued protection of the contents of the report remains necessary.

Steinhoff initially instructed Werksmans to appoint PwC to act as an independent investigator
and expert in regard to anticipated legal actions both by and against Steinhoff. In the
ongoing litigation - principally recovery actions - Steinhoff continues to rely on the report.
Steinhoff is prejudiced by the premature disclosure of the contents.

Since the events of December 2017, Steinhoff has willingly co-operated with various regulators
and enforcement agencies and necessary access to the report has been given by Steinhoff.
Similarly these various regulators and enforcement agencies have an interest in the continued
protection of the contents of the report.

In relation to the Court ruling, on 8 December 2017 (three days after Markus Jooste resigned),
the Dutch Investors Association ("VEB") sent a demand to Steinhoff which stated that "The VEB
wished to enter into consultations with you regarding an amicable settlement, failing which
the VEB considers it is free to take legal action against you".

Steinhoff's grounds for appeal include that - the Court having noted the VEB demand - it
overlooked the fact and effect of the demand, which Steinhoff contends was clear evidence
that litigation was already contemplated when PwC was engaged a short time thereafter.
Similarly, Steinhoff contends that the Court should have taken into account evidence
presented by Steinhoff as to its intentions and the purpose for which PwC was appointed, and
the role that Steinhoff intended PwC was to play.

The Company has a primary listing on the Frankfurt Stock Exchange and a secondary listing on
the JSE Limited.

Stellenbosch, South Africa

23 May 2022

JSE Sponsor: PSG Capital

Date: 23-05-2022 10:10:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Share This Story