Power struggle in high court as claimants battle Steinhoff

Business

Power struggle in high court as claimants battle Steinhoff

Company wants all 12 cases lodged against it in SA to be consolidated, but claimants smell an R80bn rat

Ann Crotty

The most remarkable news out of the Cape High Court on Wednesday was not that the single largest collection of Steinhoff (https://www.sharenet.co.za/v3/quickshare.php?scode=SNH) claimants were in one room ready to do battle against a bid to consolidate their cases – but that the court does not have a generator.

At 10am a room packed with the highest paid legal advisers in Africa was thrown into darkness as the Cape CBD suffered its share of Eskom load-shedding. Visitors from Joburg waited for the generators to kick in. To no avail. There was a three -hour postponement.

And so, just before 1pm, Steinhoff’s legal team launched into an explanation as to why all 12 cases that have been lodged against it in SA should be consolidated. The claims behind the 12 cases have a combined value of over R80bn, the bulk of which is accounted for by Christo Wiese-related entities that are looking for the unwinding of R59bn worth of transactions. Among the others dragged into the action are former banker GT Ferreira, Lancaster 101, the Le Toit Trust and Tekkie Town...

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