Steinhoff close to settling R192bn in legal claims

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BUSINESS

Steinhoff International Holdings is close to reaching a potential deal on €10 billion (R192 billion) worth of legal claims lodged against the global retailer following an accounting scandal that almost wiped out the company, according to two people with knowledge of the matter.

South African claimants, including former chairperson Christo Wiese, whose lawsuit amounts to R59 billion, had been offered a combination of cash and shares in Pepkor Holdings, one of the people said. It wasn’t immediately clear how much the settlement could amount to, the people said, asking not to be named because talks are continuing and a deal may not be reached.

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