Real Estate Firm Fights $112M Steinhoff Fraud Suit

By Silvia Martelli (January 14, 2022, 4:25 PM GMT) -- A British real estate company has hit back at claims that it helped the former chief executive of retail giant Steinhoff Group misappropriate $112 million in a crippling accounting scandal, arguing that payments were legitimate loans.

In a defense filed at the High Court on Jan. 11, Formal Holdings Ltd., its current director Malcolm King and his son Nicholas, a former director of the real estate company, fought accusations leveled by two Steinhoff subsidiaries that they had conspired to defraud the group through a series of bogus transactions between 2009 and 2017.

The units of the South African furniture retailer said in their...

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