Steinhoff says it has developed a settlement proposal to resolve the “complex, multi-jurisdictional claims” that run into billions of rands against it.
In a statement on Monday morning, the Stellenbosch-headquartered retailer said that, if the settlement proceeds, it will result in: approximately 104 million euros being paid in settlement of claims of contractual counterparties against Steinhoff International Holdings N.V; and The conglomerate said the the proposed settlement terms would not constitute an admission of liability by any member of the group or employees. The proposal will need the backing of regulators, creditors and claimants.
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