European Investors VEB support Steinhoff's $1 billion offer to settle global lawsuits

JOHANNESBURG (Reuters) - Shareholder rights group European Investors VEB said on Monday it supports Steinhoff's SNHJ.J proposal to pay around $1 billion (778 million pounds) to settle outstanding legal claims following a massive accounting fraud.

The Netherlands-based group is one of the claimants holding the South African retail group liable for all losses incurred by shareholders after Steinhoff revealed holes in its accounts in December 2017.

VEB also said it has agreed to withdraw its collective legal battle, which started in 2018, against Steinhoff in the Netherlands with immediate effect.

Reporting by Nqobile Dludla; Editing by Susan Fenton