EDITORIAL: Some reprieve for Steinhoff as next hurdle awaits
Kudos to Louis du Preez, the boss of Steinhoff, for reaching another important milestone in trying to recoup billions of rand in shareholder equity wiped out after the revelations of an accounting fraud at what was once one of the world’s biggest furniture retailers.
The high court in Cape Town approved the company’s R24bn offer to settle all lawsuit claims from former business partners, some of whom sold their businesses in exchange for shares in Steinhoff, and shareholders on grounds that they were duped into buying worthless stock by misleading and false information about the financial health of the company. ..
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