Steinhoff offered glimmer of hope as Wiese says settlement offer is step in right direction
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. ..