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. ..

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now