The scandal struck Steinhoff has announce a proposed settlement to conclude the complex legal claims, arising from the legacy accounting issues first announced in December 2017. On Monday Steinhoff proposed a settlement, worth up to around R16.55 billion, to settle a multiple legal claims against the company.
In a statement the company said “The Group’s settlement proposal is made on the basis that it does not represent an admission of any liability in respect of any of the various claims made against any member of the Group or any directors, officers, or employees, past or present”.
It has been three years since the much talked about financial crisis hit Steinhoff were millions of people lost their monies. The Steinhoff scandal, was possibly the biggest case of corporate fraud in South African business, which dominated financial news since the company’s share price collapsed on 5 December 2017.