Welcome to the Steinhoff Global Settlement Website

The Section 155 Proposal was adopted by Scheme Creditors at the Meetings that took place on 6 and 10 September 2021 and is now awaiting the approval and sanction of the High Court of South Africa.  Interested persons are encouraged to check back regularly for updates in this regard.

Introduction

Steinhoff wishes to finally resolve as many claims as possible that arise from its legacy accounting issues announced in December 2017. It is essential for the future of the Steinhoff group that these claims are settled. This is why Steinhoff is proposing the Steinhoff Group Settlement. The settlement does not constitute an admission of liability by any member of the Steinhoff group, or its directors, officers or employees. 

Implementation

The Steinhoff Group Settlement will be implemented through two different schemes: suspension of payment proceedings in the Netherlands for Steinhoff International Holdings N.V. and Section 155 proceedings in South Africa for Steinhoff International Holdings Proprietary Limited. The Steinhoff Group Settlement is subject to both schemes becoming effective.

For further details on the operation of both schemes and the Steinhoff Group Settlement, please refer to the respective scheme Proposals on the Case Documents tab of this website.

Eligibility

If you are an eligible claimant and wish to receive compensation, you must promptly file your claim. If you do not have a representative that will submit your claim on your behalf, you can do so yourself by completing and submitting a claim form with the required documentation via the File Claim tab on this website. If you have a claim that meets the pre-verification requirements for voting purposes, you will be entitled to participate in and vote at the creditor meeting in South Africa and/or the voting hearing in the Netherlands. Please see the Settlement Frequently Asked Questions for more information in this respect. 

You may be eligible to receive compensation if:

The calculation of the compensation is based on the date Steinhoff shares were purchased (and sold). For more details about the methodology and calculations behind the compensation payments, please refer to the Allocation Plan (you can find this in the Case Documents tab on this website) and the Steinhoff Allocation Plan Frequently Asked Questions.

Please note that the compensation is payable subject to certain conditions and in consideration for certain releases and waivers. Please read the Proposals in full to make sure that you understand all conditions of the Steinhoff Group Settlement.

For further information, please read the Frequently Asked Questions portion of this website.

Voting – sufficient support required

Eligible claimants who want to use their voting rights in the Dutch suspension of payment proceedings and the South African Section 155 proceedings must file their claims against SIHNV and SIHPL before the respective voting deadlines (see the tab Important Dates & Deadlines). If you do not wish to participate in the respective voting hearings, but do wish to receive compensation, you should in any event file your claim before the Bar Date. Please note, however, that eligible claimants will only receive a payment if the implementation process is completed successfully, which means that the Dutch SoP and the S155 Scheme should be approved by the creditors and confirmed by the relevant courts. Hence, it is important that eligible claimants that support the Steinhoff Global Settlement timely submit their claims and use their voting rights to vote in favour of the settlement. This will increase the likelihood of the Dutch SoP and the S155 Scheme succeeding.  

If the court appoints a committee of representatives in the Dutch SoP, individual claimants will not be able to vote. We will keep you posted on any such developments through this website.

Further information

We strongly recommend that you read Steinhoff’s recent press releases and the Proposals in their entirety for a full understanding of your position. The press releases can be found on the Updates and Press Releases tab of this website.