Splitting up the pot: Steinhoff offers 5.5% payout to market purchase claimants to settle

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Steinhoff's head office in Stellenbosch.
Steinhoff's head office in Stellenbosch.
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Investors in Steinhoff who bought shares on the open market can expect to get about 5.5% of their claims paid back under a complex settlement proposal that is winding its way through the courts in South Africa and the Netherlands.

Under this proposal, if a litigant who bought shares has a verified claim of R100 000, they can expect to get R5 500 back. Contractual claimants, on the other hand, will get up to 29% of their claims back.   

Steinhoff's share price plunged in December 2017 when its CEO Markus Jooste suddenly resigned. A subsequent 16-month forensic probe found that a "small group" of former executives – including Jooste - had been inflating the group's profit and asset values for years. Jooste and handful of former executives are being probed by the Hawks and authorities in Germany. 

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