EDITORIAL: Claimants may wait a long time for Steinhoff
Latest annual report shows there will be slim pickings to settle legal claims worth at least R170bn
It will take a cursory glance at Steinhoff’s latest annual report to see that legal claims worth at least R170bn — from everyone from former business partners to shareholders, including once one of its biggest, former chair Christo Wiese — are not going to be a pot of gold.
In the space of half a century, Steinhoff was propelled to the upper echelons of the SA and European retail industry with operations straddling four continents and a market capitalisation of more than R200bn before a R100bn-plus fraud triggered an astonishing turnaround of fortunes. ..