A team of VEB/European Investors visited South Africa last week to meet with (potential) clients, inform relevant stakeholders (including ASISA, the local federation of investment firms) on our Steinhoff class action and discuss recent developments. The visit was widely covered by leading financial media in South Africa.
In an interview with Fin24, the largest digital publisher in South Africa and the main source of business news, Mr Paul Coenen (deputy director and attorney-at-law) highlighted the main aspects of the class action which is gathering steam in the Netherlands.
Mr Coenen explained that Deloitte would be the most likely source of funds to compensate Steinhoff shareholders. “I think the auditor is possible for funds. Then insurers, then the banks”, said Mr Coenen. “We are not out to bankrupt Steinhoff. It is important to get the company alive again. We are building a pressure. It is the only way to force them to come to the table and try to settle this case
During the visit to Johannesburg, Mr Armand Kersten (head of relations) discussed the class action and our proposition with a 9% success fee in the radio show of Warren Thompson (Moneyweb). In this interview, Mr Kersten also emphasized the unrivalled track record of VEB/European Investors.
Please click here for the interview of 26 March.