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Competing claimants and the fraud-battered Steinhoff group are engaged in a billion-dollar game of chicken, facing off over who will recover how much — or whether the company delivered into global infamy by its CEO, Markus Jooste, will collapse entirely.

Steinhoff has spent more than a year negotiating a deal that will allow it to settle claims flowing from the huge fraud allegedly masterminded by Jooste, in which "fictitious profit" of R106bn was put through its accounts...

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