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JOHANNESBURG (Reuters) – South African retailer Steinhoff International said on Monday it had proposed a settlement worth up to around $1 billion to settle a stream of legal claims against it following a massive accounting fraud.

Lawsuits worth billions of dollars are now the biggest challenge facing Steinhoff, which is battling to recover from the impact of the $7 billion scandal after first revealing holes in its accounts in December 2017.

CEO Louis du Preez said the settlement…

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