Christo Wiese, who was left seriously out of pocket when Steinhoff's value collapsed in the accounting scandal of 2017, said a settlement offer that fell way short of his R59bn claim was a step in the right direction.

Steinhoff proposed to settle multiple lawsuits worth R134bn from shareholders and former business partners with $1bn (R16bn) in cash and shares in local subsidiary Pepkor. The company, once Europe's biggest furniture retailer after Sweden's Ikea, is seeking to end a messy chapter that revealed a tangled scheme under which intercompany transactions were fraudulently logged as external income.

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