Steinhoff Says Firm Linked to Former Partner Claims It Is Owed $330 Million

Enter a keyword

South African retailer International Holdings N.V. said on Tuesday a former partner firm of its European operations claims it is owed about 291 million euros (£256.62 million or $331 million) by the company, the International New York Times reported on a Reuters story. Steinhoff is in the middle of a clean-up of its balance sheet after discovering multi-billion euro holes in its balance sheet more than a year ago. LWS GmbH, a company linked to Austrian businessman Andreas Seifert, claims to be a creditor of Steinhoff Europe AG (SEAG), the parent company said. Steinhoff was notified earlier this year that LWS planned to challenge a company voluntary arrangement for SEAG proposed on Dec. 14. Seifert has an ongoing dispute in the Austrian courts against SEAG, Steinhoff Investor Relations Officer Reina de Waal confirmed in an emailed response to questions. Steinhoff and Seifert, a former business partner, were in dispute over the ownership of discount furniture store chain POCO. Read more