Steinhoff shares sink as legal claims top R170bn


    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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