Steinhoff: 'I’m giving up hope we’ll ever see people brought to justice'
The Western Cape High Court on Monday approved Steinhoff's bid to have its R25 billion settlement proposal made final.
This follows on the approval of settlement proceedings by a court in the Netherlands where Steinhoff is domiciled.
The ruling means that Steinhoff can start settlement pay-outs to the tens of thousands of claimants who lost out when its share price collapsed in December 2017.
Steinhoff has made no announcement yet on when it will make these payments.
The Money Show’s Bruce Whitfield interviewed Jannie Rossouw, visiting professor at Wits Business School (scroll up to listen).
He also spoke with Rob Rose, Editor of Financial Mail and author of Steinheist.
The High Court approved the settlement… it presents some sort of path forward for the company.Rob Rose, Editor - Financial Mail
The Germans have issued an arrest warrant for Markus Jooste… We’re dragging our heels on this…Rob Rose, Editor - Financial Mail
The settlement gives Steinhoff a chance of continued existence… They will have to sell off some of their assets to raise money to pay off this settlement… The name Steinhoff is so tainted, I can’t think that banks will gladly lend money to a company called ‘Steinhoff’. We will probably see a move away from that name…Jannie Rossouw, Visiting Professor - Wits Business School
They are clearly still hiding something from shareholders… Markus Jooste is clearly a thief. He’s stolen people’s money, and he’s getting away with it…Jannie Rossouw, Visiting Professor - Wits Business School
I’m beginning to give up hope that we’ll ever see any of these people brought to justice… Shamila Batohi is not up to the job… No action, more than four years later…Jannie Rossouw, Visiting Professor - Wits Business School
Source : Picture: EWN