On Monday, Frankfurt-listed Steinhoff announced several measures that will bring it closer to settling several multijurisdictional legacy litigation issues that have hamstrung the firm since it collapsed under the weight of its $7.4-billion accounting fraud in 2017.
A key player in these agreements is Steinhoff’s former auditor, Deloitte, which many believe could have taken steps to prevent the fraud that impoverished thousands of shareholders.
The agreement sees Deloitte chip in €70-million (R1.24-billion) to help Steinhoff pay the global settlement proposal announced last July. The proposal saw Steinhoff offer €266-million to big investors who suffered losses following the group’s collapse.