CNBC Africa

Southern Africa

S.Africa’s Steinhoff proposes $1 bln settlement to solve legal disputes

PUBLISHED: Mon, 27 Jul 2020 09:37:27 GMT

JOHANNESBURG (Reuters) – Scandal-hit South African retailer Steinhoff International said on Monday it had proposed a settlement, worth up to around $1 billion, to settle a stream of legal claims against the company.

The value would be paid in both cash and shares in retailer Pepkor, Steinhoff’s subsidiary, if the settlement is given the consent of creditors, regulators and eligible claimants, Steinhoff said in a statement.