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.