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[Squideye]

  Steinhoff International Holdings N.V. (“SIHNV”) and Steinhoff International Holdings Proprietary Limited (“SIHPL”) (together “Steinhoff”), provide the following update from the Stichting Steinhoff Recovery Foundation (“SRF”) on the administration of claims filed by Market Purchase Claimants in relation to Steinhoff’s global settlement of litigation (the “Global Settlement”).

 

As announced on 20 May 2022, the SRF, established to independently oversee the administration of claims filed pursuant to the Global Settlement, previously informed Steinhoff that it had received in excess of 43,000 claims in number, representing approximately EUR 3.2 billion in value. The SRF, with the assistance of the appointed Claims Administrator, has since been hard at work administering and verifying the claims received.

 

The SRF has informed Steinhoff that it will commence with the distribution of cash recoveries to individual and institutional claimants holding valid and accepted claims on a rolling basis as from 10 May 2023.

 

Marcel Windt, Chairperson of the SRF said: “We are extremely pleased to have reached the stage in this process where we are able to distribute payments to eligible claimants. The SRF has overseen a thorough process and I’d like to thank the many parties involved for their contributions along the way, as well as the claimants for their co-operation and patience.”

[Tom]

SENS on 5 December 2017

"

accounting irregularities requiring further investigation

.

.

The Supervisory Board wishes to reassure shareholders that Steinhoff has a number of high quality profitable businesses around the world.

"

SENS on 5 December 2017

Edited by Tom, 07 May 2023 - 07:58 AM.

[Tom]

Is it up to Steinhoff to make a second distribution for the settlement, and can the claimants sue for that.

If the Deloitte and the D&O Insurers settlements is to be even a smaller distribution then can the claimants sue for fairness.

 

Will the SDK be suing Steinhoff for a compensation for the defrauded shareholders in respect of all the frauds, false and misleading financial results and SENSes that happened after the 5th of December 2017. e.g. the financial results that were issued in 2018 that falsely showed a NAV of 9 rands per share, or the SENS in 6 December 2017 that falsely bragged about the strength and ability of Steinhoff to overcome the crisis as a highly profitable business, or their latest bogus offer of 20% economical interest that actually has a ZERO value and a ZERO potential, or for defrauding their fiduciary duties to the shareholders since 5Dec2017 till now ... etc.

Edited by Tom, 07 May 2023 - 07:36 AM.

[tiny]

Payout-

MPC Settlement Payment (ZAR): R1,194.10

- SIHPL MPC Settlement Payment (ZAR): R391.58

Realized loss R60 000

[Squideye]

Restructuring Plan Docs updated 04. May... @ https://www.steinhof...turing-plan.php

[Squideye]

Saak teen Duitse Steinhoff-verdagtes dalk vinnig geskik. Die eerste verskyning van twee voormalige Steinhoff-bestuurders in Europa in ’n Duitse hof het nie lank geduur nie. Dirk Schreiber en Siegmar Schmidt het in die streekhof in Oldenburg na die aanklagte teen hulle geluister wat omtrent ’n uur en ’n half geneem het om voor te lees. Die saak het begin net twee weke nadat Markus Jooste, voormalige uitvoerende hoof van Steinhoff, nié vir die saak teen hom in dieselfde hof opgedaag het nie.

 

https://www.netwerk2...geskik-20230503

[Squideye]

  Court proceedings...

Attached Files

•  20230503.pdf   5.65MB   68 downloads

[Squideye]

Steinhoff execs due in a German court on Wednesday @ https://www.news24.c...nesday-20230503

 

Details @ http://www.sharechat...ff/#entry301902

[Squideye]

  Scroll through it for details @ https://www.macroaxi...tional-Holdings

Edited by Squideye, 02 May 2023 - 02:05 PM.

[DeltaHedge]

...not try to kill a cockroach...

from 08:55

https://www.youtube....h?v=D_JO3O4irco

Do you think she loves the BBC?

[Squideye]

...not try to kill a cockroach...

 

from 08:55

 

[Tom]

Wiese isn't the biggest victim of the fraud.

[Squideye]

KYK met Mia Spies: Wiese sê hy het Steinhoff-sage agter hom gesit. Die sakemagnaat Christo Wiese sê hy hou die strafsaak teen Markus Jooste, voormalige uitvoerende hoof van Steinhoff, in Duitsland dop, al het hy reeds die Steinhoff-debakel agter hom gesit. “As die grootste slagoffer van die bedrog volg ek die saak uit die aard van die saak.”

 

https://www.netwerk2...-gesit-20230426

Edited by Squideye, 28 April 2023 - 01:17 PM.

[Squideye]

  Court case...

Attached Files

•  20230428.pdf   1.13MB   63 downloads

[Squideye]

2 voormalige Duitse grootkoppe Woensdag in hof. Die strafsaak van twee van Markus Jooste se medebeskuldigdes in die beweerde gekonkel met die Steinhoff-groep se boeke, begin Woensdag in die Duitse stad Oldenburg. Terselfdertyd word daar nog gewag op die nuus oor of ’n aansoek om ’n lasbrief vir die inhegtenisneming van Jooste deur Oldenburg se staatsaanklaer suksesvol was. Die aansoek is ingedien nadat Jooste nie op 18 April in die hof in Oldenburg verskyn het nie. Die staatsaanklaer van die stad Oldenburg in die noordweste van Duitsland het in ’n verklaring gesê die hofsaak teen twee Duitse voormalige grootkoppe van die Steinhoff-filiaal begin op 3 Mei.

 

https://www.netwerk2...in-hof-20230428

[Squideye]

Steinhoff publishes restructuring plan @ https://www.business...ructuring-plan/

[Squideye]

Published updates @ https://www.steinhof...turing-plan.php

[Squideye]

[Tom]

The 20% economic interest is actually a bait.

 

The creditors have an interest in passing the 20% bait offer because they want to have the company nice and easy with no risk and hussle in the courts where they probably stand to lose money in any senario.

 

The management have an interest in passing the 20% bait offer because they want to continue with making big and easy cash for as long as they can even if it was on the expense of the shareholders.

 

The shareholder "the ones with a functioning brain" have no interest in the 20% bait offer because they know it's is just to pull the wool over the eyes of the court and to push sand into the eyes of the shareholders.

 

The 20% will never amount to anything more than ZERO, not in 3 years and not in 300 years, and the creditors that will also have the 100% voting power will make sure of that.

 

The directors owe to shareholders two basic fiduciary duties: the duty of loyalty and the duty of care. But they have grossly betrayed this duty since Dec 2017 till now and no consequences so far.

 

 

The management and creditors have an interest in passing the 20% bait offer because they want to have the company nice and easy with no risk and hussle in the courts where they probably stand to lose money in any senario.

Edited by Tom, 26 April 2023 - 01:56 PM.

[Squideye]

 

 

  I guess the envisaged WHOA process is well illustrated in the summary @ http://www.sharechat...ff/#entry301893

Edited by Squideye, 26 April 2023 - 12:24 PM.