Steinhoff Units Sue Ex-CEO's Biz Partners Over $112M Fraud

By Christopher Crosby (August 11, 2021, 6:19 PM BST) -- Two subsidiaries of South African retailing giant Steinhoff Group have sued a British real estate company and its directors for fraud in London, alleging they helped the furniture dealer's former chief executive misappropriate $112 million as part of a crippling accounting scandal.

The subsidiaries, Luxemburg-based Steenbok Newco 10 SARL and Jersey's Ibex Retail Investments Ltd., say in a newly public July 19 High Court claim that businessmen Malcolm King and his son Nicholas conspired to defraud Steinhoff via a series of bogus transactions between 2009 and 2017.

The suit says the Kings and their Jersey-based company, Formal Holdings Ltd., worked with former...

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