Steinhoff in Talks With Insurers to Help Settle Legal Claims
- Pay-outs to claimants may start from late 2021, CFO says
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Steinhoff International Holdings NV is in talks with the providers of director liability insurance policies about help settling legal claims resulting from a 2017 accounting crisis that took the South African retailer to the brink of collapse.
An agreement with the insurers would be of similar magnitude to what the company concluded with Deloitte & Touche LLP two weeks ago, Chief Financial Officer Theodore de Klerk said in an interview Monday. Deloitte, the auditors at the time of the scandal, offered about 70 million euros ($84 million).