The consulting firm has agreed to pay $85 million to certain claimants as part of the retailer’s proposed $1 billion global lawsuit settlement plan, and that a company opposing the plan had withdrawn its court application. The announcement sent Steinhoff’s Johannesburg-listed shares soaring 15.70% to reach their highest in nearly two and a half years, while its primary Frankfurt-listed shares jumped by 18.55% by 1231 GMT. “The settlement by Deloitte is not in any way an admission of any liability for the losses incurred by Steinhoff and its stakeholders as a result of the accounting irregularities at Steinhoff,” Deloitte said in a separate statement. The moves takes the scandal-hit retailer a step closer to a settlement plan proposed in July after an accounting fraud in December 2017 prompted investors to dump its shares and led to a string of top level resignations. Steinhoff also said it had reached an agreement with Conservatorium Holdings LLC and certain entities linked to former Steinhoff chairman and second largest shareholder Christo Wiese, which will result in Conservatorium withdrawing the court application.
SOURCE: REUTERS AFRICA
Tinubu Hits the Ground Running
Russian Minister Makes a Quick Stop in Nairobi
Four Men Absolved of Drug Trafficking in Liberia Disappear
Governments in Sub-Saharan Africa Struggle to Regulate the Mass Expansion of Online Gambling
Why Returns from European Countries are Hugely Unpopular in Most African Countries
A $3 billion IMF Bailout Will Not Instantly Solve Ghana’s Economic Problems
Can Kenya Successfully Establish Efficient and Affordable Smartphone Manufacturing?
How to Be a Female Politician in Africa
Egyptian Firm Unveils IoT-enabled Smartwatch
Women at the Forefront of Africa’s Peace Efforts
With ‘Banel & Adama,’ Ramata-Toulaye Sy Takes Her Place Among Cannes’ Top Names
The Lion Sleeps Tonight: One Song’s Journey from 1930s South Africa to Disney Money-Spinner