Steinhoff says it is open to negotiated settlements with stakeholders who lodged claims against the embattled retailer after it uncovered “accounting irregularities” in late 2017.
Steinhoff now faces class-action lawsuits from shareholder groups, including from European shareholder association VEB. The company said it would defend against claims but “in principle” it “would always consider whether there may be alternative approaches to concluding claims, such as negotiated settlements”.
Source: News Formal (newsformal.com)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
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 seeks claimants to reveal identities to negotiate settlementsFormer chairman and top shareholder Christo Wiese had said last month he is open to negotiations over a $4 billion claim against the company, days after it revealed the scale of a devastating accounting fraud.
Source: ewnupdates - 🏆 30. / 53 Read more »
#PICInquiry: Steinhoff shares fell within a year of PIC participation in Lancaster deal | IOL Business ReportExecutive says she cannot confirm how the transaction was originated and whether there had been prior iterations of the investment proposal.
Source: IOL - 🏆 46. / 51 Read more »
Newsdeck: Steinhoff was a ‘good buy’ for PIC at the time, witness tells inquiryThe Public Investment Corporation regarded Steinhoff shares as a good buy when it extended R9.35bn to empowerment group Lancaster 101 to buy shares in the now fraud-tainted retail conglomerate in 2016.
Source: dailymaverick - 🏆 3. / 84 Read more »
Steinhoff deal questionedThe PIC inquiry hears about a R9.3-billion investment in Steinhoff which officials believed would grow. What is this eNCA? Rupert's control tool trying to be relevant? And I guess you don't have much details with this one
Source: eNCA - 🏆 49. / 51 Read more »
Gill Marcus concerned about extent of PIC damage caused by Steinhoff collapseThe PIC bought shares worth R9.3 billion off Steinhoff through a loan with black empowerment company Lancaster 101 in 2016.
Source: ewnupdates - 🏆 30. / 53 Read more »
Financial regulator clears 3 accounts for Steinhoff insider tradingThe Financial Sector Conduct Authority says it will continue probing other accounts for potential insider trading prior to the retailer's share price collapse in December 2017.
Source: News24 - 🏆 4. / 80 Read more »
FSCA finds no evidence of insider trading worth R418m against Steinhoff | IOL Business ReportThe FSCA said that it had wrapped up a further three insider trading investigations into the Steinhoff International shares.
Source: IOL - 🏆 46. / 51 Read more »
‘No evidence’ of insider trading ahead of Steinhoff’s collapseThe Financial Sector Conduct Authority says it has found no evidence of insider trading in the retailer’s shares, although it still has a few trading accounts to check What evidence is there... Tell us
Source: BDliveSA - 🏆 12. / 63 Read more »
FSCA finds no proof of insider trading at SteinhoffBloomberg previously reported that former CEO Markus Jooste tipped friends to sell off the company’s shares days before the stock crashed. Ramoliko As expected, whitewash.
Source: eNCA - 🏆 49. / 51 Read more »
FSCA finds no evidence of insider trading worth R418m against SteinhoffThis brings the total number of accounts investigated for insider trading with no adverse finding to a total of 56.
Source: TheCitizen_News - 🏆 6. / 75 Read more »