South Africa: South Africa’s Steinhoff offers $1 billion to settle global lawsuits

South Africa’s Steinhoff has proposed to pay around $1 billion (779.67 million pounds) to settle outstanding legal claims following a massive accounting fraud, a fraction of the over 9 billion euros ($10.5 billion) claimants are seeking.

The announcement sent its shares up over 11% on Monday.

The more than 50-year-old retailer has faced a stream of lawsuits after revealing holes in its accounts in December 2017, the first sign of the fraud estimated to total $7 billion, and is still battling to recover.

Chief Executive Louis du Preez said the company had been working for 12 months to put together the settlement, which will cover cases from the Netherlands to South Africa, and urged all claimants to support it.

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(Picture: Jasper Juinen/Bloomberg)

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