Steinhoff’s R170bn settlement target lifts shares

Steinhoff is working on a settlement value for legal claims worth at least R170bn as the global retailer rushes to overcome its biggest challenge after unravelling a web of fraudulent accounting practices that left it fighting for survival.

“Steinhoff continues to assess options, including total settlement value, consideration and terms, for a global settlement of legacy litigation claims and Steinhoff will update the market in due course,” the company said in a statement on Monday. ..

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