High Court approves Steinhoff's R25bn payout

The High Court in the Western Cape granted the embattled retailer an order to settle claims worth R25bn. The settlement proposal was already sanctioned in the Netherlands where Steinhoff is domiciled. Lindsay Dentlinger has more #eNCA Courtesy #DStv403

JOHANNESBURG - Steinhoff's offer to pay out R25bn to settle with claimants has been given the green light by the Western Cape High Court.

Tens of thousands of claimants will be paid out but they'll have to drop all current and future legal challenges against Steinhoff.

READ: NPA still investigating Steinhoff scandal

Settlement proceedings in the Netherlands have already been approved by a Dutch court.

It's not certain when the settlements will be paid out, but litigants will be paid out a portion of their claims depending on the class they fall into.

Source

eNCA