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2022, the Netherlands and South Africa
On 15 February 2022 the settlement that we concluded on our 85 institutional clients’ behalf and that Steinhoff announced in July 2021 became effective after all suspensive condition were fulfilled. This will, a little over 4 years after the irregularities were disclosed by Steinhoff, provide a fair and meaningful compensation for our clients’ losses.
With approximately EUR 800 million for investors that were secondary market purchasers, the Steinhoff settlement is the second largest settlement for investors in continental Europe, the third largest outside the USA and the first of its kind involving an African company. Steinhoff’s former auditors and the D&O insurance carriers also contributed c. EUR 110 million to the settlement, which is a substantial number by European standards.
Through a voluntary restructuring process implemented through a suspension of payment proceedings in the Netherlands for the Dutch top holding of the group and a scheme of arrangement for the former South African holding company, Steinhoff settled multi-jurisdiction claims worth c. EUR 12 billion, restructured its debt, prevented an uncontrolled liquidation with a loss of value and jobs and achieved global peace.