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The company overstated its financial results and position by as much as R100 billion.
This cost the PIC R21 billion directly and the PIC has yet to answer questions relating to the case.
Danie van der Merwe, acting chief executive officer of Steinhoff International Holdings NV, the company’s stock plummeted. Photo credit: Jasper Juinen/BloombergSource: Getty Images
Business Liverecently reported that Steinhoff was one step closer to settling billions of rands worth of shareholder claims.
The global furniture company is technically insolvent and is waiting for approval from financial creditors to settle the claims.
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