Dutch shareholders in Steinhoff sue accountants Deloitte

Dutch shareholders are suing accountants Deloitte & Touche seeking damages for alleged failures in Deloitte's vetting of the books of retailer Steinhoff International NV.

VEB, the Dutch association of shareholders, said on Wednesday it had filed a suit against Deloitte at the District Court of Rotterdam.

It is preparing the Dutch legal equivalent of a class action suit under which it will try to hold the company, its directors, accountants, and possibly the banks that assisted in its stock market listing responsible for damages.
Shares in Steinhoff lost more than 13 billion euros (11.45 billion pounds) in market value after accounting irregularities surfaced in December.

The South African retailer is listed in Johannesburg and Frankfurt but its parent is incorporated in the Netherlands.