Lawyer who lost R6m on Steinhoff targets Deloitte
A Steinhoff shareholder who lost R6.4m when the group's share price collapsed says he wants to hold the group's former auditor Deloitte accountable for its alleged ‘negligent performance’ in auditing the retailer's books, notes a Fin24 report.
Stellenbosch attorney Jan Lamprecht has asked the Western Cape High Court to let him join the former owners of shoe retailer Tekkie Town as a co-applicant in their upcoming liquidation bid against Steinhoff.
He also wants the court to declare that Steinhoff failed to investigate the role of Deloitte in its accounting scandal.
The winding-up application, which Steinhoff is opposing, is set to be heard in early September.
But while the former owners of the popular shoe franchise say their goal is to have their business ‘returned’ to them, Lamprecht's application is primarily focussed on Deloitte's relationship with Steinhoff.
Lamprecht is arguing he relied on Deloitte's statements in Steinhoff's financial results when he decided to purchase around R7m worth of shares in November 2015.
‘Had the reportable irregularities been reported by Deloitte, I would not have invested in Steinhoff shares,’ he states in his intervention application, which was filed on Friday afternoon.
According to Lamprecht, he wouldn't have bought the shares if he knew the true financial state of the retailer.
He said he lost millions when he sold his Steinhoff shares in early January 2018 after their value had plunged.
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