Seifert claim HLSW GmbH (“HLSW”) an entity owned and/or controlled by Seifert, filed a complaint in March 2015 in terms of which HLSW requested the transfer of a 50% shareholding in AIH Investment Holding GmbH (“AIH”) to it. On 1 April 2021, HLSW withdrew this claim with prejudice. Steinhoff was awarded procedural costs of €33,065, which HLSW paid to it in July of 2021. LSW GmbH (“LSW”), owned and/or controlled by Seifert, filed a further complaint against AIH and SEAG in October 2015 with LSW requesting the repayment of an alleged loan granted to SEAG and AIH in the amount of €299.9 million and interest in the amount of approximately €29.4 million (“the Loan Proceedings”). SEAG and AIH have filed an answer to the complaint and contested the relief requested by LSW in its entirety. In addition, LSW requested solely from SEAG financing costs and default interest in the amount of €58.93 million as of October 2015 as well as default interest on the amount of €388.3 million at a rate of 5.14% per annum above the 6-months-EURIBOR since 12 October 2015. Thus LSW initially demanded approximately €388.3 million plus default interest since October 2015 and the costs of the proceedings from SEAG and approximately €329.33 million plus costs of the proceedings from SEAG and AIH. On 21 December 2016, SEAG paid LSW an amount of €146.7 million. LSW reduced its claim on 17 February 2017 to approximately €265.4 million (plus interest at a rate of 5.14% per annum above the 6-months-EURIBOR from 22 December 2016) vis-à-vis SEAG and approximately €249.2 million vis-à-vis AIH, plus costs of the proceedings from both parties. On 20 July 2018 (rejected on formal grounds) and again on 20 September 2018, LSW filed for a preliminary injunction against SEAG and AIH in order to secure its claim arising from the Loan Proceedings. The competent judge of the Loan Proceedings rejected LSW’s 20 September 2018 application for a preliminary injunction on all alleged grounds with his decision dated 1 October 2018. LSW did not file an appeal against the court order of 1 October 2018. During November 2020, the parties entered into negotiations wherein a settlement amount of €100 million was discussed. A settlement was not finalized as the parties could not reach an agreement with respect to certain contractual terms. Considering these negotiations management decided to increase the settlement provision relating to Seifert in the 2020 Reporting Period. Management has considered other possible outcomes of the legal proceedings but it remains management’s view that the current provision remains the best estimate to settle the current obligation and therefore retains the provision at €100 million as at 30 September 2021. The next court hearings are scheduled to take place on 3 and 4 March 2022. Testimony in the matter is ongoing.
Zurück
