We have noted press reports that VEB (the Dutch Investors Association) has indicated that it has notified Absa and two other banks that it is holding them liable for losses incurred by Steinhoff shareholders. Absa has not received any notification from VEB in this regard.
For clarity, Absa Bank Ltd was the JSE Transaction Sponsor to Steinhoff International Holdings Limited (“Steinhoff South Africa”). Absa’s role was limited to ensuring that the JSE’s listing rules were complied with by Steinhoff SA, the relevant JSE-listed company. Absa’s mandate specifically did not include the compilation or review of the financial statements of Steinhoff South Africa or any other Steinhoff company.