Court approves Steinhoff's R25 billion settlement proposal - report

The ruling means that Steinhoff can start settlement payouts to the tens of thousands of claimants who lost out in its share price plunge.

FILE: Steinhoff's offices in Stellenbosch. Picture: Supplied.

JOHANNESBURG - The Western Cape High Court has approved Steinhoff's bid to have its R25 billion settlement proposal made final.

After months of intense litigation, News24 is reporting that the case was wrapped up in less than half an hour on Monday morning, with Judge Rosheni Allie ruling that she could find no reason not to grant Steinhoff's request.

A Dutch court has already approved settlement proceedings in the Netherlands, where Steinhoff is domiciled.

The ruling means that Steinhoff can start settlement payouts to the tens of thousands of claimants who lost out in its share price plunge.

The retailer has not yet announced when these payments will be made.