February 21, 2019 / 5:44 AM / 4 months ago

South Africa's Steinhoff gets shareholder petition for inquiry before Dutch court

Feb 21 (Reuters) - South African retailer Steinhoff International Holdings N.V. said on Thursday it had received a petition by a group of shareholders looking for an inquiry into the company before a Dutch court, the latest addition to its growing troubles.

The company has been in the middle of a clean-up of its balance sheet after discovering multi-billion euro holes in its balance sheet more than a year ago.

One of Steinhoff’s creditors has also challenged the company’s plan to restructure its convertible debt into new secured loans.

The group of shareholders requests the appointment of an investigator and an additional member of the company’s supervisory board to look at the information Steinhoff provides to shareholders and for the inquiry to be ordered by the Enterprise Chamber of the Amsterdam Court of Appeal.

A hearing is scheduled to take place on May 23. (Reporting by Pushkala Aripaka in Bengaluru; Editing by Subhranshu Sahu)

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