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 on 7 August and 19 November 2015 respectively. The prospectuses served to accompany a scheme of arrangement and subsequent admission to trading and listing of ordinary shares at the Johannesburg Stock Exchange and the Frankfurt Stock Exchange.
The prospectuses were misleading – VEB, from which European Investors is the European brand name, questions whether the prospectuses properly represent Steinhoff’s financial position. VEB concludes that the banks have – in their respective roles and capacities – acted wrongfully in respect of Steinhoff investors.
The notice issued on the banks this 18 April 2018, is an invitation to them to consult with VEB about an amicable settlement, failing which VEB may file a class action law suit under Dutch process law against the banks.
Should you require more information, please contact Mr Armand Kersten, Head of Relations at VEB/European Investors (firstname.lastname@example.org or 0031 6 2721 9730).