PIC welcomes High Court's approval of proposed Steinhoff settlement
The Public Investment Corporation (PIC) has welcomed the decision of the Western Cape High Court to approve Steinhoff International’s proposed global settlement, which aims to pay out claimants who suffered losses when the company lost its value as a result of alleged accounting irregularities.
The PIC believes the settlement agreement is a positive step for those invested in Steinhoff.
The PIC further notes that the JSE Stock Exchange News Service announcement by Steinhoff that both Steinhoff International Holdings Public Limited and Steinhoff International Holdings Proprietary Limited “have undertaken preparations for the coordination of the steps required and will separately contact those counter-parties who need to take any action, for example to receive funds and/or [Pepkor Holdings] shares,” the PIC says.
The PIC, together with other institutional investors, has since 2018 been involved in legal processes to recoup losses.
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