PIC, Steinhoff reach settlement agreement

Johannesburg – The Public Investment Corporation has entered into settlement agreement with the embattled Steinhoff.

The Steinhoff scandal revealed accounting fraud of over R100 billion affecting various investors, including the PIC.

Africa’s largest asset manager said the proposed settlement forms part of the global settlement proposal first announced by Steinhoff in 2019 and the ongoing settlement processes in the Netherlands and South Africa.

The PIC added that the agreement was subject to court approval.

Neither party has disclosed the settlement amount.

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