
<p>JOHANNESBURG (Reuters) &#8211; 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.</p>



<p>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.</p>


Louis_Du_Preez_-_ISM8_-_2017_in_Brno

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


<p>JOHANNESBURG (Reuters) &#8211; Scandal-hit Steinhoff International agreed to sell its shares in furniture retailer Conforama France to Mobilux Sàrl, the parent company of retailer BUT, for a nominal amount, the company said on Wednesday.</p>



<p>“The disposal will secure the future of Conforama France, release the Group from its liabilities in respect of that business and generate cash to reduce of the current debt held by Conforama France,” the company said in a statement.</p>


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Steinhoff agrees to sell stake in Conforama France to Mobilux


<p>JOHANNESBURG (Reuters) &#8211; Steinhoff International said on Tuesday it had started legal proceedings against former Chief Executive Markus Jooste and ex-finance chief Ben La Grange to recover certain salary and bonus payments they got prior to 2017.</p>



<p>The South African retailer’s CEO Louis du Preez told lawmakers in March that Jooste, la Grange, along with six other people, were involved in inflating Steinhoff profits and asset values over several years, forcing the firm to restate years of financials.</p>



<p>Steinhoff first flagged holes in its accounts in December 2017 — leading to the exposure of a more than $7 billion accounting fraud — shocking investors who had backed its rise from a small South African outfit to a discount furniture retailer straddling four continents.</p>



<p>Steinhoff, which is also listed in Frankfurt, said it launched the legal proceedings on June 19 in the Cape Town High Court. Jooste’s lawyer, Callie Albertyn, could not be immediately reached for comment. La Grange’s lawyer was also not available for immediate comment.</p>



<p>In its delayed 2017 annual report, the owner of Mattress Firm in the U.S. and furniture retailer Conforama in France, said that Jooste received a bonus payment of 2.1 million euros ($2.37 million) in March and May 2017. It said 500,000 euros of that amount was neither proposed by the human resources and remuneration committee nor approved by the supervisory board.</p>



<p>Steinhoff also said it received summons on June 21 from Barents &amp; Krans on behalf of Hamilton B.V, initiating legal proceedings against the retailer and others “for declaratory relief relating to currently unquantified damages arising from alleged wrongful acts”.</p>



<p>($1 = 0.8856 euros)</p>



<p>Reporting by Nqobile Dludla; editing by Jason Neely and Emelia Sithole-Matarise</p>


What you need to know about Steinhoff seeking to recoup payments made to ex-CEO

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<p>The Frankfurt listed retailer which has lost 97 per cent of its value since the 2017 accounting fraud scandal- blamed one-off expenses including professional fees of 117 million euro and impairments for the loss. Steinhoff shares are more than 5 per cent down in intra-day trading.</p>


Steinhoff’s delayed FY earnings reveal €1.3bn loss

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<p>CNBC Africa&#8217;s Kopano Gumbi spoke to Zwelakhe Mnguni, Chief Investment officer at Benguela Group about the ripple effect that the Steinhoff Saga has brought on.</p>


Benguela’s Zwelakhe Mnguni on lessons from Steinhoff saga

<p>(Reuters) &#8211; Steinhoff International said on Thursday its Mattress Firm Inc unit, the largest U.S. mattress retailer, emerged out of bankruptcy with access to $525 million in exit financing, within two months of filing for Chapter 11 protection.</p>
<p>Mattress Firm also closed about 660 underperforming stores, said Steinhoff, which has been working on a deal to restructure the debt of some units after revealing multi-billion-euro holes in its balance sheet.</p>
<p>The store closures still leave the Houston-based company with about 2,600 stores across the United States.</p>
<p>“Today’s announcement is a further positive step in the wider Steinhoff restructuring process, which continues to make good progress,” Steinhoff acting CEO Danie van der Merwe said.</p>
<p>Mattress Firm, founded in 1986, had filed for voluntary bankruptcy protection in early October, gaining some breathing room to restructure and shore up its finances.</p>
<p>The retail industry has seen a series of bankruptcies, including Toys “R” Us, over the last couple of years on mounting pressure from e-commerce companies like Amazon.com Inc.</p>
<p>Reporting by Muvija M in Bengaluru; Editing by Gopakumar Warrier</p>


What you need to know about Steinhoff’s US unit Mattress Firm shutting down 660 stores as it emerges out of bankruptcy

Inside the Steinhoff saga, one of the biggest cases of corporate fraud in South African business history

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<p>Earlier Kuben Naidoo, Deputy Governor of South African Reserve Bank testified at the Steinhoff briefing in Parliament, among other matters he spoke about the central bank&#8217;s analysis of the risks posed by Steinhoff.</p>


Steinhoff scandal does not pose financial stability risk – SARB

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<p>Solly Keetse, Head of Directorate Market Abuse at the Financial Services Board spoke about its mandate to regulate market abuse with a particular focus of Steinhoff.</p>


FSB probes allegations of insider trading at Steinhoff

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<p>Market investigations into Steinhoff are far from uncovering what happened to the company, this is what Nicky Newton-King, Chief Executive of the JSE told a parliamentary committee earlier today.</p>


Market investigations into Steinhoff are far from uncovering the truth – JSE

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<p>Steinhoff&#8217;s biggest shareholder, Christo Wiese responded to some of the questions posed to him by members of the joint committees and this is what he had to say.</p>


Detecting fraud is extremely difficult – Christo Wiese

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<p>The Standing Committee on Public Accounts has confirmed that the hearings on the Steinhoff scandal that hit the markets last year are due to start either tomorrow or Wednesday in Parliament.</p>


SCOPA kicks-off Steinhoff hearings this week, here’s what to expect

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<p>Joining CNBC Africa for a look at the local markets is Wayne Mccurrie, Senior Portfolio Manager, Ashburton.</p>


This is why markets are rattled by Resilient

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<p>Joining CNBC Africa for a look at the local markets is Wayne Mccurrie, Senior Portfolio Manager, Ashburton.</p>


Is there still value left in Steinhoff?

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<p>The recent collapse in the Steinhoff International share price has provided the opportune time to reflect on the fundamental pillars of portfolio construction and the effects of concentrating your portfolio in a few positions.</p>


SA-listed companies cross-shareholdings, shared board members is highly problematic – Oasis

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<p>The recent collapse in the Steinhoff International share price has provided the opportune time to reflect on the fundamental pillars of portfolio construction and the effects of concentrating your portfolio in a few positions.</p>


Why Oasis is red flagging Resilient Reit

<p>Steinhoff International’s Asia Pacific unit stressed its business was sound and sought to distance itself from its troubled parent on Thursday, even as the furniture firm appointed local lawyers and financial advisers as a prudent measure.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-42987 size-full" src="http://cnbc.africa/wp-content/uploads/2017/02/steinhoff_international_logo.jpg" alt="" width="1063" height="650" /></p>
<p>South African-headquartered Steinhoff International (<span id="“symbol_SNHJ.J_0”"><a href="https://www.reuters.com/finance/stocks/overview?symbol=SNHJ.J">SNHJ.J</a></span>) (<span id="“symbol_SNHG.DE_1”"><a href="https://www.reuters.com/finance/stocks/overview?symbol=SNHG.DE">SNHG.DE</a></span>) has lost more than $12 billion in market value in recent weeks, hit by an accounting scandal that caused its banks to cut credit lines and forced the exit of its chief executive.</p>
<p>With 10,000 employees in Australia and New Zealand, the unit operates well known local furniture retailers, including Freedom and Fantastic Furniture.</p>
<p>Michael Ford, chief executive of Steinhoff Asia Pacific, said the move to hire law firm Minter Ellison and strategic adviser Ferrier Hodgson was a “prudent step” in response to the “significant uncertainty” facing its parent company.</p>
<p>“For all our brands in the Steinhoff Asia Pacific group,&#8230; it is business as usual,” Ford said in an emailed statement.</p>
<p>“Steinhoff Asia Pacific is not party to any of the banking facilities of its parent.”</p>
<p>Ford said total system sales, including franchisee sales, were up 3.1 percent for the 12 months ended Nov. 20, compared to a year ago. Sales for the month of December so far were up 12.4 percent, he added.</p>
<p>”We are now in our peak trading period and have had some exceptionally strong trading across our retail brands,“ Ford said. ”These are healthy sales figures for a business group that is clearly performing well.’</p>
<div></div>
<div class="Attribution_attribution_o4ojT">
<p class="Attribution_content_27_rw">Reporting by Paulina Duran; Editing by Jane Wardell and Edwina Gibbs</p>
</div>


Steinhoff International

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

Steinhoff agrees to sell stake in Conforama France to Mobilux

What you need to know about Steinhoff seeking to recoup payments made to ex-CEO

Steinhoff’s delayed FY earnings reveal €1.3bn loss

Benguela’s Zwelakhe Mnguni on lessons from Steinhoff saga

What you need to know about Steinhoff’s US unit Mattress Firm shutting down 660 stores as it emerges out of bankruptcy

Inside the Steinhoff saga, one of the biggest cases of corporate fraud in South African business history

Steinhoff scandal does not pose financial stability risk – SARB

FSB probes allegations of insider trading at Steinhoff

Market investigations into Steinhoff are far from uncovering the truth – JSE

Detecting fraud is extremely difficult – Christo Wiese

SCOPA kicks-off Steinhoff hearings this week, here’s what to expect

This is why markets are rattled by Resilient

Is there still value left in Steinhoff?

SA-listed companies cross-shareholdings, shared board members is highly problematic – Oasis

Why Oasis is red flagging Resilient Reit

Steinhoff’s Asia Pacific unit seeks to distance itself from crisis of parent

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Steinhoff International

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

Steinhoff agrees to sell stake in Conforama France to Mobilux

What you need to know about Steinhoff seeking to recoup payments made to ex-CEO

Steinhoff’s delayed FY earnings reveal €1.3bn loss

Benguela’s Zwelakhe Mnguni on lessons from Steinhoff saga

What you need to know about Steinhoff’s US unit Mattress Firm shutting down 660 stores as it emerges out of bankruptcy

Inside the Steinhoff saga, one of the biggest cases of corporate fraud in South African business history

Steinhoff scandal does not pose financial stability risk – SARB

FSB probes allegations of insider trading at Steinhoff

Market investigations into Steinhoff are far from uncovering the truth – JSE

Detecting fraud is extremely difficult – Christo Wiese

SCOPA kicks-off Steinhoff hearings this week, here’s what to expect

This is why markets are rattled by Resilient

Is there still value left in Steinhoff?

SA-listed companies cross-shareholdings, shared board members is highly problematic – Oasis

Why Oasis is red flagging Resilient Reit

Steinhoff’s Asia Pacific unit seeks to distance itself from crisis of parent

News Tips

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