DGAP-News Steinhoff International Holdings N.V. : UPDATE ON STEINHOFF GLOBAL SETTLEMENT PROGRESS
DGAP-News: Steinhoff International Holdings N.V. / Key word(s): Miscellaneous
UPDATE ON STEINHOFF GLOBAL SETTLEMENT PROGRESS
Steinhoff International Holdings N.V. ("SIHNV" or the "Company", together with its subsidiaries, "Steinhoff" or the "Steinhoff Group") announces the following update on the implementation of its proposal to resolve the various multi-jurisdictional legacy litigations and claims against the Steinhoff Group, including those against former South African holding company Steinhoff International Holdings Proprietary Limited ("SIHPL").
Agreement with D&O Insurers and certain former D&Os
On or about 14 February 2021, SIHNV announced that together with SIHPL it had reached a bilateral agreement with Deloitte Accountants B.V. and Deloitte & Touche South Africa (together: "Deloitte") pursuant to which Deloitte had agreed to support the proposed Steinhoff global settlement as announced on 27 July 2020 (and as subsequently revised).
SIHNV now also announces that together with SIHPL it has reached an agreement with certain insurance companies underwriting Steinhoff's (primary and excess) Directors and Officers insurance policy (the "D&O Insurers") and certain former directors and officers who have worked for or been associated with a Steinhoff Group company (the "Settling D&Os"). The Settling D&Os include: S. Booysen, D. Brink, C. Daun, H. Ferreira, T. Guibert, D. Konar, A. Krüger-Steinhoff, (heirs of) M. Lategan, J. Mouton, J. Nel, H. Odendaal, D. Schreiber, F. Sonn, H. Sonn, B. Steinhoff, P. van den Bosch, D. van der Merwe, J. van Zyl, C. Wiese and J. Wiese. For the avoidance of doubt, the Settling D&Os do not include M. Jooste, B. La Grange, S. Grobler and S. Schmidt. As a result, the previously announced bilateral agreement with Deloitte will be replaced by a comprehensive Steinhoff Settlement Support Agreement ("SSSA") entered into by inter alia SIHNV, SIHPL, Deloitte, the D&O Insurers and the Settling D&Os.
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