South African retailer Steinhoff International Holdings, battling to recover from a massive accounting fraud, saw its first-half loss more than double as a coronavirus lockdown towards the end of the period weighed on sales.
Embattled retail giant Steinhoff International says the proposed a R16.5 billion settlement for 90 cross-border lawsuits against the group is a product of 12 months of effort to settle with complainants.
Steinhoff International, battling the fallout from massive accounting fraud, faces legal claims amounting to more than R170 billion, the South African retailer’s annual report showed on Wednesday.
The Public Investment Corporation (PIC) says it has suspended legal proceedings against Steinhoff pending the finalisation of a mediation process.
PIC says it is ready to resume with legal action against Steinhoff should the mediation process between the two entities fail.
Scandal-hit South African retailer Steinhoff International said on Friday it had sold Blue Group, owner of Bensons for Beds and Harveys Furniture, to Alteri Investors for an undisclosed price.
The Democratic Alliance (DA) says a donation from former Steinhoff executive Markus Jooste was made to the party before the company was implicated in a scandal.
The Financial Sector Conduct Authority has imposed an administrative penalty of 53 million rand to retail giant Steinhoff.
The National Prosecuting Authority (NPA) and the Hawks have contradicted one another in parliament regarding access to a Steinhoff audit report on accounting irregularities at the company.
South Africa’s Steinhoff will sell off non-retail assets and cut jobs at its French retail chain Conforama as part of the scandal-hit company’s plan to slim down into an investment holding firm, management said on Tuesday.