Steinhoff International, which lost about R200bn in market value due to one of SA's worst accounting scandals, saw its shares crash almost a fifth on Monday after a Western Cape High Court ruling that threatens its multibillion-rand settlement process.

On Friday the court voided Steinhoff’s guarantee of a 2014 bond, a main component of the firm’s settlement plan, and found it had violated the Companies Act when restructuring debt in 2019 — which was critical to the group’s plans for settling lawsuits...

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