Dutch law firm BarentsKrans has started legal proceedings against Steinhoff, the group said in an update to shareholders yesterday, according to Fin24. This comes after the firm initially invited shareholders in September last year to join a potential class action suit in the District Court in Amsterdam against the retailer.

According to a statement issued by BarentKrans at the time, investors who bought shares in Steinhoff or its predecessor entity, Steinhoff International Holdings Limited, on either the JSE or the Frankfurt Stock Exchange would qualify.

The shares would have had to be bought between 26 June 2013 and 6 2017 or the shareholders must have held some shares on 5 or 6 December 2017.

In Tuesday's update to shareholders, Steinhoff says that a writ of summons was received from BarentsKrans on 21 June on behalf of Hamilton BV. This initiates legal proceedings against Steinhoff and others ‘for declaratory relief relating to currently unquantified damages arising from alleged wrongful acts’.

Steinhoff and Hamilton have agreed that no procedural steps would be due from Steinhoff until later in the year.

On 19 June Steinhoff launched proceedings against former CEO Markus Jooste and former CFO Ben La Grange in the Western Cape High Court to recover certain salary and bonus payments paid to the these two prior to 2017.

Full Fin24 report