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Holdings chairperson Jayendra Naidoo, who stepped down from the Pepkor board in January due to his legal battle with Steinhoff, is suing the South African Reserve Bank (SARB) for allegedly enabling Steinhoff to move assets worth €19bn overseas while the group was technically insolvent “to the detriment of the SA economy”.
This comes after the Financial Surveillance Department of the SARB granted Steinhoff the cross-border payments to be made as part of the proposed global settlement in December 2020.
SARB said yesterday that it would oppose the application from Jayendra Naidoo. “We are aware of the court application. We have briefed our lawyers on the matter and plan to oppose the application. The matters will be ventilated in court,” the SARB said.
Nesan Nair, a senior portfolio manager at Sasfin Securities said: “Many shareholders are unhappy that there is a differential treatment of shareholders in terms of the proposed settlement.”
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