Steinhoff’s former joint venture partner takes its complaint to Dutch court
The Steinhoff accounting fraud allegations took a fresh twist on Monday, when the company said in a Sens statement that a Dutch court had been petitioned over its accounts for the period to September 30 2016.In a statement headlined, "Update on disputes with former joint venture partner", Steinhoff reiterated that its accounts complied with the requirements of international financial reporting standards (IFRS), and expressed confidence that the appeal would be dismissed.The petition, brought by OM Handels and MW Handels, was for a proceeding in Enterprise Chamber of the Amsterdam Court of Appeal, and will be heard on Thursday.Steinhoff’s shares were hammered 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.It also said it had discussed ...
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