About: http://data.cimple.eu/news-article/874eb00699cc27d31045df5da6b5967e125145c1812dadcd65c9e04b

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About: http://data.cimple.eu/news-article/874eb00699cc27d31045df5da6b5967e125145c1812dadcd65c9e04b Goto Sponge NotDistinct Permalink

An Entity of Type : schema:NewsArticle, within Data Space : data.cimple.eu associated with source document(s)

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rdf:type	schema:NewsArticle
schema:articleBody	Embattled retail giant Steinhoff on Tuesday said some of its insurers had agreed to contribute $93 million to settle legal claims that have rocked the company since fraud allegations surfaced in 2017. Steinhoff, which is listed in both Frankfurt and Johannesburg, is under investigation for suspected fraud after it disclosed a six billion euro hole in its accounts in December 2017. The furniture and clothing retailer is still struggling to recover from the scandal, which caused a dramatic plunge in its share prices and triggered a string of high-profile resignations. In a statement on Tuesday, the company said it had "reached an agreement with certain insurance companies underwriting Steinhoff's... directors and officers". The insurers will contribute up to 78.1 million euros ($93 million) to resolve various litigation and claims against the Steinhoff group, including compensation for market purchase claimants "in exchange for certain waivers and releases". The deal follows a 77.94-million-euro settlement by Steinhoff's former auditor Deloitte last month. Overall, Steinhoff has proposed a $1 billion global lawsuit settlement plan to resolve around 90 legal claims from aggrieved shareholders and business partners in Germany, the Netherlands and South Africa. German prosecutors meanwhile pressed fraud charges against four people in connection with the case earlier this month. The accused reportedly include former chief executive Markus Jooste, according to local media. Jooste resigned after the scandal broke but denied all knowledge of accounting fraud. Steinhoff was fined 13.5 million rand ($912,000) by the Johannesburg Stock Exchange last October for breaching listing requirements including publishing "false and misleading" information. sch/sn/rl
schema:headline	Steinhoff insurers offer $93mn to settle fraud claims
schema:mentions	South African rand Frankfurt Johannesburg Netherlands Insurance Germany South Africa Markus Jooste JSE Limited Accounting scandals Deloitte Mark Roebuck
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2021-03-23 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	76 (xsd:integer)

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