Investment firms fight lawsuit over £25m ‘sham’ loan

By Lucia Osborne-Crowley (September 30, 2021, 3:28 p.m. BST) – A group of investment firms have hit back at a lawsuit brought by an asset management firm linked to scandal-ridden retail giant Steinhoff Group, claiming that the £25m ($33.6m) loan that the litigation is trying to recover was a sham.

A group of special purpose companies which are each wholly owned subsidiaries of Wellcourt Investments Group SA told the High Court in a July 19 defence, just made public, that they should not have to repay a £25m loan.

The loan, which the Wellcourt Companies said was actually an investment, came from two…

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