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Update VEB/European Investors class action against VW

Posted on by Nick
On 24 September 2019 the German prosecutor in Braunschweig announced proceedings against VW’s CEO Herbert Diess and the Chairman of VW’s supervisory board Hans Dieter Pötsch and former CEO Martin Winterkorn in a 636 page complaint. The investigation and prosecution concern the withholding of insider information on rigged emissions tests four years ago. A new accusation is that VW was too late i...
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Dutch court asserts jurisdiction in Steinhoff scandal – VEB lawsuit proceeds

Posted on by Nick
The Dutch courts have jurisdiction to entertain proceedings concerning fraud at retail giant Steinhoff. Today the district court of Amsterdam ruled accordingly. This is a real boost for investors; they shall have speedier clarity on whether Steinhoff has acted unlawfully against them. As a group, Steinhoff’s origin is in South Africa. From 2015, however, the group holding company is Dutch, with...
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European Investors meets Steinhoff for the first time in court

Posted on by Nick
Does a Dutch court have jurisdiction to rule on the fraud at retailer Steinhoff? That was one of the main topics during a hearing in Amsterdam on Tuesday 21 August 2018. It was the first time European Investors and Steinhoff met in court since the discovery of the comprehensive fraud in December last year.   Last year VEB/European Investors held South African retailer Steinhoff liable b...
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Steinhoff’s first half-year report raises questions,

Posted on by Nick
Investors request more information on current state of affairs at Steinhoff Seven months after the widespread accounting irregularities came to light, Steinhoff issued its half-year report for the six months ended 31 March 2018. The half-year results, also containing the unaudited restated half-year condensed financial statement for the six months ended 31 March 2017, provide investors with some ...
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VEB takes Deloitte to court for losses incurred by Steinhoff investors

Posted on by Nick
PRESS RELEASE   VEB takes Deloitte to court for losses incurred by Steinhoff investors  The VEB has summoned Deloitte Accountants to appear before the District Court of Rotterdam for the losses incurred by the Steinhoff shareholders. Deloitte, incorrectly providing an unqualified auditor’s report on Steinhoff’s financial statements for 2016, seriously failed to fulfil its duties as laid down by...
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John Kay keynote speaker for autumn event European Investors

Posted on by Nick
European Investors is pleased to announce its inaugural seminar in Brussels on ‘Fiduciary Duties for Investors’ to be organised on 13 September 2018.  European Investors is proud to announce Professor John Kay, one of Britain’s leading economists, as our keynote speaker. We invite EU policy makers, pension funds, insurance companies, asset managers, financial advisors, research providers, index...
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European Investors contributed to 2018 Financial Integration Conference

Posted on by Nick
On 3 May 2018 Niels Lemmers, Managing Director at European Investors, participated as a panellist in the 2018 Financial Integration Conference, organised jointly by the European Central Bank and the European Commission. His panel will be devoted to the role of institutional investment for the Capital Markets Union (CMU). The role of institutional investors in financial integration and capital m...
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European Investors attended the Eurofi High Level Seminar 2018 in Sofia

Posted on by Nick
European Investors participated in the Eurofi High Level Seminar 2018 in Sofia on 25, 26 and 27 April 2018. The event was organised by Eurofi (the European think tank dedicated to financial services) in association with the Bulgarian EU Council Presidency. Highlight of the conference was a presentation by Michel Barnier, chief negotiator for the EU in the Brexit discussions, who described Brexi...
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VEB notifies banks of holding them liable for damages incurred by Steinhoff investors

Posted on by Nick
On 18 April 2018 - The Hague VEB has notified Commerzbank AG, ABSA Bank Limited and Barclays Bank PLC that it holds them liable for damages incurred by Steinhoff shareholders. Commerzbank AG, ABSA Bank Limited and Barclays Bank PLC acted in distinct and various capacities as ‘Bankers to the Company’, ‘Listing Agent’, and/or ‘Transaction Sponsor’ for the two prospectuses issued by Steinhoff o...
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VEB/European Investors holds Deloitte liable for damage incurred by Steinhoff investors

Posted on by Nick
The VEB has held Deloitte Accountants B.V. and Deloitte & Touche South Africa liable for the damage incurred by the Steinhoff shareholders. Deloitte Accountants B.V. issued an unqualified auditor's report on Steinhoff’s financial statements for 2016. Deloitte & Touche South Africa issued an unqualified auditor’s report on the financial statements for 2015. In part due to the two sets of...
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