Controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2022
Court approves Steinhoff settlement proposal
Ruling
The Western Cape High Court approved Steinhoff's €1.43 billion settlement proposal, making it final and binding. The ruling allows preparations for payouts to verified claimants, who must drop current and future legal challenges against the retailer under the proposal.
Source excerpt
After months of intense litigation the case was wrapped up in less than half and hour on Monday morning, with Judge Rosheni Allie ruling that she could find no reason to not grant Steinhoff's request.
The Western Cape High Court has approved Steinhoff's bid to have its €1.43 billion (R25 billion) settlement proposal made final and binding.
The ruling means that Steinhoff can start preparations for settlement payouts to the tens of thousands of claimants who lost out in its share price plunge.
2017
Steinhoff accounting scandal
Accounting irregularities disclosed in December 2017 led to the resignation of chief executive Markus Jooste, a collapse in the share price, investigations by authorities in several jurisdictions, creditor actions, and extensive investor litigation. A PwC investigation summary published in 2019 described fictitious or irregular transactions between 2009 and 2017 that inflated group income and asset values by more than €6.5 billion.
2015
German investigation and Poco ownership dispute
German authorities investigated Steinhoff’s accounting and tax disclosures after raids on company offices. Separately, investor Andreas Seifert disputed Steinhoff’s ownership treatment of furniture chain Poco. The parties reached a settlement in 2018 under which Seifert acquired a 50 percent interest based on an agreed equity valuation.