Steinhoff to pay out over R24bn to settle claims related to accounting scandal

The agreement, settled by the Western Cape High Court, comes after years of legal wrangling in South Africa and the Netherlands.

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

CAPE TOWN - Multinational company Steinhoff is to pay over R24 billion to settle a number of claims.

This follows a settlement proposal with shareholders, which comes after years of legal disputes.

The firm was hit by an accounting scandal which led to it losing billions.

The settlement amounts to €1.43 billion or over R24 billion, which must be paid to a number of shareholders.

But it's still unclear when the money will be paid out.

The agreement, settled by the Western Cape High Court, comes after years of legal wrangling in South Africa and the Netherlands.

Steinhoff executives and shareholders have also appeared before Parliament to explain the scandal involving former CEO, Markus Jooste.

Steinhoff faced claims of around R180 billion.

This now settles litigation but questions linger over whether Jooste will face any consequences.