Real estate firm fights $112 million Steinhoff fraud lawsuit

By Silvia Martelli (January 14, 2022, 16:25 GMT) — A British property firm has hit back at claims it helped the former chief executive of retail giant Steinhoff Group embezzle $112 million in an accounting scandal crippling, claiming the payments were legitimate loans.

In a defense filed in the High Court on January 11, Formal Holdings Ltd., its current director Malcolm King and his son Nicholas, a former director of the property company, fought charges by two Steinhoff subsidiaries that they had conspired to defraud the group through a series of fake transactions between 2009 and 2017.

The South African furniture retailer’s units said in their…

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