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The Dutch judge confirms the Steinhoff settlement agreement after the accounting scandal

An Amsterdam court recently approved an agreement with multinational Steinhoff to settle damages caused by a group-related accounting scandal to its creditors. This is according to recently released information Pronunciation It is somewhat under the radar.

The Amsterdam court concludes that the system is more favorable to all lenders than dissolving assets within a bankruptcy and that the offer made is believed to be a realistic offer.

Accounting corruption

The listed Steinhof (with registered office in Amsterdam) mainly handles furniture and household goods and is active in Europe, Africa, Asia, the United States, Australia and New Zealand. In 2017, an accounting scandal erupted in the group, which eventually turned into 6.5 billion. So the management of the South African Furniture Group concluded on 13 December 2017 that the 2016 financial statements were no longer adequate.

Deloitte

The auditor withdrew permission to use Deloitte’s auditor’s report. The release of accounts for the year 2016-2017 has been postponed. The accounting firm is under considerable fire for its role as an auditor. The Deloitte accountant who checked the figures was fired from the disciplinary court for three months in July.

Requests by Representative Committee

Steinhoff has been dealing with large-scale claims from around the world since the accounting scandal became known. The company seeks to address these demands through a global settlement offer. The agreement, now recognized in the Netherlands, regulates the claims of Dutch Thai lenders. What is special is that the agreement was voted on by the delegation. The panel appointed by this court represents Steinhope’s leading lenders in a variety of countries.

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Read all about the accounting scandal at Steinhope here.