Shareholders of retail giant Steinhoff are expected to voice their concerns regarding the losses incurred since the share price collapse was triggered in December.

Steinhoff’s Annual General Meeting is currently taking place in Amsterdam, Germany.

German media reports that government authorities are expanding their investigation in the firm.

The Dutch investors association (VEB) is one of the shareholders expected to be present at the AGM.

VEB has indicated that it will file a class action lawsuit against the three banks which it said were responsible for the losses incurred by Steinhoff shareholders.

It has accused Absa bank of circulating information to investors that contained false and misleading financial statements relating to Steinhoff.

But Barclays Africa says its mandate did not include the compilation or review of the financial statements of Steinhoff. And that is a role that was limited to ensuring that the JSE’s listing rules were complied with by Steinhoff South Africa.

The other two banks are Commerzbank and Barclays bank.

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