15225 replies to this topic

[DayTraderDad]

Does deloitte not have an obligation to steinhoff holding and is the settlement not an admission of wrong doing.

From other settlements you will find they settle without accepting wrong doing.

 

https://www.veb.net/...loitte/algemeen

 

Insert: 

 

Reaching a settlement does not mean that Deloitte acknowledges that it is liable for or guilty of the damage suffered as a result of Ahold's accounting fraud. Deloitte argues that various judicial authorities have confirmed over the years that the fraud was precisely intended to mislead Deloitte as an accountant. Deloitte discovered the fraud itself at the time and denounced it.

[Investment novice]

Does deloitte not have an obligation to steinhoff holding and is the settlement not an admission of wrong doing.

[DayTraderDad]

https://europeaninvestors.eu/?p=1305

“European Investors-VEB has now agreed with Deloitte NL that if certain conditions are met, Deloitte NL, together with the South African Deloitte firm, will make an offer to investors in Steinhoff shares in support of the settlement offer which Steinhoff published on 27 July 2020”

Does this mean Deloitte will contribute towards Steinhoff settlement offer? Not sure if I understood correctly but could explain the rally today

This is the other reason why the rally today : 

 

https://www.theguard...a-von-der-leyen

[DayTraderDad]

20% frankfury already

Be careful corona in europe not looking good at all. looks like full lockdowns coming back that might push price down due to sentiment.

[Burnt as well]

https://europeaninvestors.eu/?p=1305

“European Investors-VEB has now agreed with Deloitte NL that if certain conditions are met, Deloitte NL, together with the South African Deloitte firm, will make an offer to investors in Steinhoff shares in support of the settlement offer which Steinhoff published on 27 July 2020”

Does this mean Deloitte will contribute towards Steinhoff settlement offer? Not sure if I understood correctly but could explain the rally today

[Investment novice]

20% frankfury already

[DayTraderDad]

Expecting r1 to be broken by midday and positive news r1.30....still expect us to be heading to r2 and then back down to r1.30

Watch tomorrow if anouncement of creditors aproval is issued!!!! That is for me the next step.

[Investment novice]

Expecting r1 to be broken by midday and positive news r1.30....still expect us to be heading to r2 and then back down to r1.30

[Lionelza1]

This share is so out of balance, from +-R60 to 70c, only rebalance figure in my head is R40?

[Lionelza1]

I would love to see this pump pass the R1. 02 mark, 1st hurdle. And then.. A consistent UP for 5 days running, only then will I get excited.

[Tom]

If Steinhoff during any future court case reveal details that weren't revealed before (especially from the still restricted PwC report), then Takkie Town court case might be retried in SA, and shareholders (class action groups or the big ones) might open new cases based on any newly revealed information.

Edited by Tom, 29 October 2020 - 04:01 PM.

[Investment novice]

Snh is paying for investogative work to empower and enable its claims for malpractice against auditors and insurers as there arw billions of dollars available via these massive insurers for malpractice liability.
Aside from claeing back from the wrong doers...the biggest claims will be on liability insurers....who would also settle rather than go through extensive court cases even if it is a fraction may add quantums to debt relief

[DayTraderDad]

Would be interesting to hear comments/opinions on this rally! Is it the so called pump ad dump or the real climb? 

 

My take is this is going to be sustainable climb with a possible small pull back to rebalance.

Edited by DayTraderDad, 29 October 2020 - 03:37 PM.

[DayTraderDad]

So hopefully no money for Steinhoff NV to reward their negligence.

Tom the way I understand it SNH still has to pay the E800k on settlements. I do however believe when all is settled SNH will then use the PwC report to go and fetch the money from the wrong doers.

[Tom]

I also think the Chairman, CEO, CFO and all the suspected previous board members and their insurance should pay or be sued to pay compensation directly to the defrauded shareholders (so not to Steinhoff N.V), and while this doesn't go according to the law in S.A., but it does go according to the laws in The Netherlands and Germany.

VEB and also other various attorney groups in Europe and around the world has already opened court cases against them too (about 20).

So hopefully no money for Steinhoff NV to reward their negligence.

[Tom]

I also think the Chairman, CEO, CFO and all the suspected previous board members and their insurance should pay or be sued to pay compensation directly to the defrauded shareholders (so not to Steinhoff N.V), and while this doesn't go according to the law in S.A., but it does go according to the laws in The Netherlands and Germany.

VEB and also other various attorney groups in Europe and around the world has already opened court cases against them too (about 20).

Edited by Tom, 29 October 2020 - 02:37 PM.

[Africa1962]

slowly but surely the skelms are being held accountable.....MJ....next 

[Africa1962]

To my knowledge VEB placed a claim with De Loite and another with SNH.'

"Dutch shareholders are suing accountants Deloitte & Touche seeking damages for alleged failures in Deloitte's vetting of the books of retailer Steinhoff International NV."

[DayTraderDad]

I thought there already was an offer and the last few months they have been trying to get everyone to agree on the terms? Am I missing something?

To my knowledge VEB placed a claim with De Loite and another with SNH.

[Tom]

 

Accountancy firm Deloitte has reached a settlement with investor organization European Investors-VEB about the major fraud scandal at South African furniture giant Steinhoff. According to the parties, how much money is involved cannot yet be released.

It has been agreed with Deloitte in the Netherlands that the firm, together with the South African branch of Deloitte, will make an offer to duped investors. For this, certain conditions must still be met. Further details of the deal are still classified.

Steinhoff, the largest home furnishing store in the world after Ikea, got into financial difficulties several years ago, after an accounting fraud came to light. The stock market value of the company subsequently plummeted and investors went on board for billions.

European Investors-VEB then argued that Deloitte had been negligent in its supervision of the retail group's finances. As a result, Steinhoff's annual accounts would not have provided a fair picture of the situation at the company. Deloitte ultimately accepts no liability in the settlement.

Last summer, Steinhoff himself also came up with a compensation proposal to handle claims worldwide. In total, this involved approximately 1 billion dollars, while the damage suffered by many parties would amount to more than 8 billion dollars. The group reimburses duped investors up to EUR 266 million

 

 

So the offer will be extended to the "duped investors" and not to Steinhoff N.V.

That sounds fairer to me than the law in S.A., were the money goes to the company and so the "duped investors" don't get the compensation directly given to them.

Edited by Tom, 29 October 2020 - 02:06 PM.