Former chairman Wiese sues Steinhoff for R59 billion
These claims relate to cash investments made by the Titan Group in Steinhoff in 2015 and 2016 and involve both Steinhoff in the Netherlands and here on home soil.
JOHANNESBURG - Companies in the Titan Group under Christo Wiese have served Steinhoff with claims totalling R59 billion.
It says these claims relate to cash investments made by the Titan Group in Steinhoff in 2015 and 2016 and involve both Steinhoff in the Netherlands and here on home soil.
Wiese was the chairperson of Steinhoff, but stepped down last year after a criminal investigation was launched.
The Titan Group says it’s claiming in respect of the cancellation of an agreement entered into with Steinhoff International Holdings in 2015.
The group says it subscribed for shares in Steinhoff following the acquisition of Pepkor Limited and wants this money back.
The second claim relates to the Titan Group's capital injection into Steinhoff in 2016 to enable it to meet its debt obligations at the time of its acquisition of The Mattress Firm in the US.
Wiese's attorneys state that he believes it is in the best interest of all stakeholders in Steinhoff that a restructuring of the group be effected on fair and equitable terms.
Steinhoff has been under investigation since last year after it admitted to accounting irregularities and has been selling assets to ensure liquidity.