Former banker accepts Steinhoff 29c in rand deal
Former banker GT Ferreira is the latest Steinhoff claimant who is willing to accept 29c in the rand for his damages claim, Die Burger reports.
The co-founder of RMB nevertheless remarked it was a ‘bitter pill to swallow’.
Ferreira and two of his workers’ trusts sued Steinhoff after swopping valuable PSG shares for Steinhoff shares. Ferreira says in court papers he was misled by Steinhoff boss Markus Jooste in the transaction.
Ferreira and his workers’ claims were acknowledged to be R1.4bn by Steinhoff and they are being offered R420.9m in compensation.
Steinhoff has categorised the claimants as ‘contractual claimants’ and ‘market claimants’ based on concluded litigation.
The latter category consists of investors who bought Steinhoff shares in the open market at arm’s length.
The contractual claimants were offered R7.9bn for their accepted claims of R42.2bn.
Claimants who are categorised as ‘market claimants’ were earlier offered only five cents in the rand.
The group Hamiltons, which represents asset managers such as Coronation and Allan Gray, is not satisfied with those offers and brought an application that could derail the settlement process.
The Hamiltons case is scheduled to be heard at the end of May.
Article disclaimer: While we have made every effort to ensure the accuracy of this article, it is not intended to provide final legal advice as facts and situations will differ from case to case, and therefore specific legal advice should be sought with a lawyer.
