Steinhoff sets out plan for creditor approval for shareholder claims
The beleaguered retailer has undertaken legal processes to obtain the requisite authority to reach settlements with shareholders
Beleaguered global furniture and retail group Steinhoff, which remains technically insolvent, has laid out its schedule to seek approval from its financial creditors that will give it the necessary authority to begin settling billions of rands’ worth of shareholders claims.
The claims stem from the admission that the company overstated its financial results and position by more than R100bn in the years preceding financial year end 2017, as a result of alleged fraud committed by a small group of executives led by former CEO Markus Jooste. ..