Dutch court confirms Steinhoff settlement plan as tricky SA leg of proceedings awaits

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Steinhoff's share price plunged in late 2017 when its CEO Markus Jooste resigned.
Steinhoff's share price plunged in late 2017 when its CEO Markus Jooste resigned.
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A court in Amsterdam has confirmed the Dutch leg of Steinhoff's R25 billion settlement plan with claimants who lost out in its share price plunge.  

In a market update on Thursday, Steinhoff said the Dutch order will become final following an eight-day period if no appeal is lodged.

"While our task is not yet complete, this judgment is a further significant milestone in concluding the global litigation settlement," said Steinhoff's CEO Louis du Preez.

A South African court still needs to sanction proceedings in the local leg of the settlement for it to become binding. The court processes are interconditional, meaning the whole settlement plan will fail if one of them is not successful. 

The Western Cape High Court is set to hear Steinhoff's sanction application on 30 September.

The former owners of shoe retailer Tekkie Town have said they would be opposing the bid to have the settlement approved by a court. They want to have the furniture retailer liquidated.   

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