As a result of the fraud committed at Steinhoff International Holdings N.V. (“Steinhoff”), which came to light in December 2017, investors in securities issued by Steinhoff suffered losses. The VEB has actively sought a contribution from the Dutch firm of Deloitte and its counterpart in South Africa (jointly: “Deloitte”) to help compensate investors in Steinhoff securities for losses suffered as a result of the fraud committed at Steinhoff, which came to light in December 2017.
The VEB has negotiated with Deloitte and is pleased to announce that in addition to the settlement which VEB reached with Steinhoff earlier, an agreement has been reached by VEB and other parties with Deloitte. In support of the settlement offer which Steinhoff published on 27 July 2020, Deloitte has agreed to offer an amount in excess of EUR 55 million to Steinhoff investors who purchased Steinhoff shares on the stock market in total.
For further details, holders of Steinhoff securities are referred to:
- See for the Deloitte MPC offer terms: https://www.steinhoffsettlement.com/settlements-deloitte-and-do.aspx
- See for the FAQs, question 16 of part 1 on the FAQ page: https://steinhoffsettlement.com/frequently-asked-questions.aspx
For the sake of clarity, the VEB members and/or partners qualify as Group B Market Investors.
The offer does not imply an admission of liability by Deloitte.
The VEB feels that the contribution offered by Deloitte is adequate and fair. It is a positive proposal for injured investors. VEB recommends that all its partners, members and other constituents support the proposal and its implementation.
The VEB, as a collective representative organization under article 3:305a Dutch Civil Code, had started a collective action against the Dutch Deloitte firm in June 2018 in the Dutch courts on behalf of all investors who bought or held securities from the start of the accounting irregularities at Steinhoff until 7 December 2017. The VEB has withdrawn these proceedings and will no longer pursue this or any other action against Deloitte or any other Deloitte firm or person in the Steinhoff matter.