Steinhoff shares sink as legal claims top R170bn

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    The sugar producer, which has battled underperformance and an accounting scandal, is aiming to cut debt by R8.1bn by March 2021

    This is less than a month after being taken over by a partnership headed by Hong Kong businessman Au Yeung Wai Kay

    After untangling a web of fraudulent transactions, Steinhoff is bracing for more pain as it tallies legal claims that have topped a whopping R170bn.

    Steinhoff uncovered a €6.4bn (about R120bn) hole in its accounts in 2017, triggering a share price collapse and multiple lawsuits from former business partners and aggrieved shareholders that include former chair Christo Wiese.

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    SOURCE: https://www.w24news.com

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