Steinhoff battle intensifies as ex-CFO files objection
Steinhoff International’s effort to recoup salaries from former executives appears to be heading for a lengthy legal battle as ex-chief financial officer Ben la Grange joined his former boss in filing an objection.
A report on the Moneyweb site notes Steinhoff is seeking a combined R1.1bn from La Grange and ex-chief executive officer Markus Jooste for failing to prevent an accounting crisis that almost destroyed the company in late 2017.
Jooste has said that Steinhoff’s claim for more than R850m against him dating back to 2009 is ‘vague and embarrassing.’
Now La Grange has filed his response to the claim, saying it lacks ‘sufficient allegations’ to sustain action against him, according to documents filed to the Western Cape High Court.
La Grange, who became group CFO in 2013, has given Steinhoff 15 days to withdraw the complaint and argues that if it’s determined the retailer’s claim doesn’t stand up, the company should pay the legal costs.
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