The settlement, which has been years in the making, has received enough approval from all claimants who lost money in the collapse
The last vote for the Steinhoff settlement that aims to end most litigation against it andall four votes in favour of the settlement having now been passed. Steinhoff, which almost collapsed in SA’s biggest accounting fraud, faced more than 100 legal claims worth more than R130bn from shareholders who said they were duped into buying a worthless stock through misleading information. The company’s value plunged by about R200bn after the fraud was exposed in December 2017.
The settlement, which was years in the making, has received enough approval from all claimants who lost money in the collapse. The settlement offer must still go before the SA and Dutch courts for approval. It could, theoretically, face challenges in both courts by unhappy parties.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Steinhoff settlement gets final thumbs-upThe settlement, which has been years in the making, has received enough approval from all claimants who lost money in the collapse
Read more »
Steinhoff says liquidation could destroy settlement processIf former Tekkie Town owners are successful in their case, many creditors would not be paid, says lawyer
Read more »
Steinhoff says liquidation could destroy settlement processIf former Tekkie Town owners are successful in their case, many creditors would not be paid, says lawyer
Read more »
Currie Cup final: Three key match-upsFrom the battle of the flyhalves to the attack and defence and to the big scrum battle, it's going to be thrilling.
Read more »
MARKET WRAP: JSE ends slightly firmer, Steinhoff rises almost 6%The first phone call between the US and Chinese leaders in seven months spurs hopes for a thaw in relations between the world’s two biggest economies
Read more »
Steinhoff liquidation case to go ahead on Tuesday, judge rulesFormer Tekkie Town owners Bernard Mostert and Braam Van Huyssteen are trying to get their business back after being duped into taking dud shares for it
Read more »