Investors who lost billions of rands in Steinhoff's dramatic share price collapse will likely have to wait until next year to start receiving settlement payouts.
The retailer's stock plunged in late 2017 at the first signs of a fraud scandal. It has remained depressed ever since. On Friday, Steinhoff shares traded at R2.60, some 90% lower than the day before the scandal hit.
Last year, investors overwhelmingly voted to accept compensation from Steinhoff for the price plunge, rather than continue with court challenges.
On Friday, the Stichting Steinhoff Recovery Foundation, an independent body set up to assess claims, announced that it would aim to start payouts in early 2023.
The foundation is busy verifying the 43 000 claims it received, worth a combined €3.2 billion (roughly R53 billion at current exchange rates).
This is far more than the €1.43 billion (~R25 billion) Steinhoff has set aside to settle.
Steinhoff has previously insisted that its "payout pot" cannot exceed €1.43 billion, and claimants would only receive a fraction of their incurred losses.