January 22, 2018 / 4:12 PM / 3 months ago

Dutch court decision on Steinhoff probe delayed again

Jan 22 (Reuters) - A court decision on whether to allow an investigation into Steinhoff’s accounts is expected to be further delayed until Feb. 19, the South African retailer said on Monday.

A decision by the Enterprise Chamber of the Amsterdam Court of Appeal was originally expected by Dec. 22, and had already been delayed once to Jan. 22.

The case relates to a petition made by a former joint venture partner of Steinhoff, and predates the group’s admission last month that it had found “accounting irregularities” - an admission that helped to wipe out about 85 percent of its market value.

The petition was filed by OM Handels GmbH and MW Handels GmbH (OM & MW), owned by the former joint venture partner which has not been identified, and relates to the consolidation of a joint investment in Steinhoff’s books.

Steinhoff has denied any wrongdoing in the case.

The group said separately on Monday it had sold its 13.5 percent stake in investment firm PSG Group for 7.1 billion rand ($587 million) as it takes steps to plug a liquidity gap. (Reporting by Esha Vaish in Bengaluru; Editing by Mark Potter)

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