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Christo Wiese calls for forensic probe into Steinhoff

Christo Wiese has announced that his Titan Group is suing Steinhoff for R59 billion to recover money invested in the company in 2015 and 2016.

Christo Wiese. Picture: Supplied.

JOHANNESBURG - Former Steinhoff chairman Christo Wiese says a forensic investigation into the company must be allowed to continue to establish once and for all exactly what happened at the retailer and who was responsible.

Wiese has announced that his Titan Group is suing Steinhoff for R59 billion to recover money invested in the company in 2015 and 2016.

He stepped down as the chairperson last year after a criminal investigation was launched against Steinhoff and says he is now attempting to recover his investments.

Wiese says he has always run his business on trust and has recalled his last conversation with Markus Jooste who resigned as CEO just after irregularities emerged.

“I phoned him the next day and said ‘look, whatever has happened has happened but please come and help the people at Steinhoff to get the accounts sorted out so that the company can move forward. He undertook to do so. I was naïve because clearly his advice would have been different from lawyers and I never heard from him again.”

Wiese says he is suing Steinhoff because he was given misleading information about his investments.

Wiese's claim relates to cash investments made by the group in Steinhoff in 2015 and 2016.

He stepped down as the chairperson of Steinhoff last year after a criminal investigation was launched.

He says he wasn't given all the required information despite being the chairman at the time and luckily has managed to leave with some of his investments.

“I said in Parliament today that I have lost 30 years of my life. The fact of the matter is that I’ve been in Pep for 53 years but I just halved it more or less because Shoprite also grew out of Pep and thank God I have not lost that.”

However, Wiese says he must be careful in accusing anyone.

“We are now entering a field of litigation and it would certainly not be the correct thing to do to start discussing the merits of claims.”

LISTEN: Christo Wiese sues Steinhoff for R59 billion

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