Jayendra Naidoo, the chair of the investment vehicle that borrowed R12bn to buy shares in Steinhoff, says the global furniture retailer’s offer to those affected by the epic fraud at the company may ultimately be unsuccessful as it is not fair and equitable to some claimants.

Steinhoff’s proposed global settlement offer of about €1bn (about R17bn) for losses associated with the fraud distinguishes between different types of claimants, which have been offered varying degrees of redress. Under the offer, Lancaster would get about R200m from a claim of more than R12bn...

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