December 20, 2017 / 6:33 PM / 6 months ago

Court decision on Steinhoff probe delayed, now expected by Jan. 22

FRANKFURT, Dec 20 (Reuters) - A court decision on whether to allow an investigation into Steinhoff’s accounts is expected by no later than Jan. 22, 2018, the South African retail group said on Monday.

A decision by the Enterprise Chamber of the Amsterdam Court of Appeal had previously been expected by Dec. 22.

“The Board of Steinhoff has today received a letter from the Chamber informing Steinhoff that it is not in a position as yet to issue its decision and it is currently anticipated that a formal decision will be issued no later than 22 January 2018,” Steinhoff said on Wednesday.

“Shareholders and other investors in the company are advised to exercise caution when dealing in the securities of the group,” it added.

Steinhoff said on Tuesday that it had started to lose credit lines from lenders and was still unable to determine the scale of accounting irregularities which have wiped more than $10 billion off its market value over the past two weeks. (Reporting by Christoph Steitz; Editing by Susan Fenton)

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