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South African dealer settles with D&O insurance company



(Reuters) – Steinhoff said on Tuesday that it has reached an agreement with some insurance companies that sign the group's board members and insurance policy to contribute up to 78.1 million euros (93 million dollars) to help settle claims against the scandal-ridden dealer. [19659002] The announcement sent Steinhoff's listed Johannesburg shares up 4.19%, while the primary Frankfurt – listed shares jumped 7.85% to 1022 GMT. in July to settle some 90 separate legal claims in the Netherlands, Germany and South Africa.

The total claims of those who have quantified their alleged damages are over 136 billion rand ($ 9 billion) after a bookkeeping fraud in December 2017 resulted in a dramatic decline in the share price of Steinhoff.

As part of the agreement, also with Steinhoff's former board members and officers such as founder Bruno Steinhoff and chairman Christo Wiese, insurers will offer an amount of up to EUR 55.5 million to market buyers "in exchange for certain exceptions and releases. "

The furniture and clothing retailer said that 1

5 million euros would be paid to certain contractual agreements.

The agreement with board members and officials excludes former CEO Markus Jooste, former CFO Ben La Grange, former secretary Stehan Grobler and the group's former Steinhoff European director Siegmar Schmidt, it said.

Steinhoff stated that it reserves the right to institute or pursue claims against the four for their alleged involvement in the fraud and against certain legal entities and other individuals who are said to have received payments from the group's companies.

The agreement will complement that of its former auditor Deloitte, which in February agreed to support the plan and pay up to € 77.94 million to settle certain claims.

"Deloitte, the D&O insurers and the winding-up D&O do not in any way acknowledge in capacity the losses that Steinhoff and its stakeholders have caused as a result of the inaccuracies in the Steinhoff accounts," the company said.


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