Retail shareholders of Steinhoff International who saw the value of their investments almost wiped out in the wake of its accounting scandal will start receiving settlement cash from Wednesday.
The Stichting Steinhoff Recovery Foundation , an independent body set up to assess claims, has indicated it will commence with the distribution of cash recoveries to valid individual and institutional market purchase claimants on 10 May, the retailer said in a statement on Monday. The foundation has previously indicated it has received 43 000 claims worth €3.2 billion , and it needed time to verify claims.
Claimants, however, are sharing a"pot" of about €1.4 billion to make up for the losses they incurred when Steinhoff's shares plummeted, and what they will receive will vary, as it also depends on when they bought their shares. "We are extremely pleased to have reached the stage in this process where we are able to distribute payments to eligible claimants," SRF chairperson Marcel Windt said in a statement.
"The SRF has overseen a thorough process and I’d like to thank the many parties involved for their contributions along the way, as well as the claimants for their cooperation and patience.”
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