Stud the onions with cloves. Heat the oil in a frying pan. Fry the onion and all the other ingredients up to and including the peppercorns for approx. 5 mins., stirring occasionally. Pour in the water, add the bay leaves and thyme, bring to the boil. Reduce the heat, simmer for approx. 10 mins., add the soy sauce, season with salt. Add the meat, return to the boil. Cover and cook at just below the boil for approx. 3 hrs. Add the chilli approx. 30 mins. before the cooking time is up.
Heat the butter in a pan. Cook the flour in the warm butter over a medium heat, stirring with a whisk. The flour must not take on any colour. Remove the pan from the heat. Pour 100 ml of the broth and cream into the flour in one go, bring to the boil while stirring, reduce the heat. Season the sauce with salt, add the horseradish, simmer over a medium heat for approx. 10 mins., stirring occasionally until the sauce is thick and creamy.
Remove the beef from the broth, cut into slices, plate up, pour a little of the broth over the top and serve with the sauce.