Insights categories - ESG

Steinhoff class action

Allan Gray, along with other South African institutions, is participating in a class action case being run in the Netherlands by Dutch law firm BarentsKrans to pursue claims on behalf of investors who suffered losses as a result of the collapse in the share price of global retailer Steinhoff in December 2017.

The case is being fully funded by Claims Funding Europe, a litigation funding company based in Dublin, Ireland.

We bought a relatively small position in Steinhoff in October 2017, after the share had underperformed meaningfully, and our clients’ holdings represented 1.3% of Steinhoff at close of market on 6 December 2017. We have since sold out of that position.

We believe that the circumstances merit these attempts to recover the losses incurred by our clients. Participating in this legal route is, therefore, our preferred option.

As the case is being fully funded, there is only upside to our clients should the case be successful.

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