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

Share your Subscriber Article
You have 5 articles to share every month. Send this story to a friend!
0:00
play article
Subscribers can listen to this article
Steinhoff's head office in Stellenbosch.
Steinhoff's head office in Stellenbosch.
Getty Images

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. 

There’s more to this story
Subscribe to News24 and get access to our exclusive journalism and features today.
Subscribe
Already a subscriber? Sign in
USD/ZAR
14.17
(-1.6)
GBP/ZAR
19.52
(-1.6)
EUR/ZAR
16.95
(-1.7)
AUD/ZAR
10.98
(-1.2)
JPY/ZAR
0.13
(-1.4)
Gold
1,763.25
(+1.6)
Silver
25.84
(+1.7)
Platinum
1,196.50
(+1.9)
Brent Crude
66.58
(+4.6)
Palladium
2,745.14
(+2.5)
All Share
67,823
(+0.0)
Top 40
62,080
(-0.0)
Financial 15
12,342
(+1.5)
Industrial 25
88,642
(-0.2)
Resource 10
68,828
(-0.3)
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
Yes, and I've gotten it.
21% - 1273 votes
No, I did not.
51% - 3156 votes
My landlord refused
28% - 1700 votes
Vote