Investment Firms Fight Lawsuit Over £25M 'Sham' Loan

By Lucia Osborne-Crowley (September 30, 2021, 3:28 PM BST) -- A group of investment companies has hit back against a lawsuit brought by an asset management firm linked to the scandal-plagued retail giant Steinhoff Group, saying that the £25 million ($33.6 million) loan the litigation is trying to collect on was a sham.

A group of special purpose companies that are each wholly-owned subsidiaries of Wellcourt Investments Group SA told the High Court in a July 19 defense, which has newly been made public, that they should not have to pay back a loan of £25 million.

The loan, which the Wellcourt companies argue was in fact an investment, came from two...

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