The
The settlement aims to pay out claimants who suffered when the company lost its value as a result of alleged accounting irregularities, the PIC said.
According to media reports, under the settlement proposal, Steinhoff will pay out R25 billion to verified claimants. Claimants will in turn not pursue any legal challenges against the conglomerate.
"The PIC further notes the SENS announcement by Steinhoff that both
The PIC, together with other institutional investors, have since 2018 been involved in legal processes to recoup losses suffered when the company lost its value.
The PIC said it believes the settlement agreement is a positive step for those invested in Steinhoff.
Steinhoff and the PIC in September last year entered into a settlement agreement aimed at supporting the implementation of the Steinhoff global settlement.
At the time, the PIC said the proposed settlement forms part of the global settlement first announced by Steinhoff in 2019 and the ongoing related settlement processes in
In 2018, the PIC joined a group of approximately 40 institutional investors that had brought damages claims against SIHNV before a Dutch court. A process of mediation ensued thereafter.
The PIC in
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