Wiese’s claim against Steinhoff likely to give him negotiating power

The 'Business Day' is reporting that, ironically, the transactions listed in Christo Wiese's legal claim came under fire at the time because of a potential conflict of interests

Christo Wiese. Picture: Supplied.

JOHANNESBURG – Christo Wiese's R59 billion claim against Steinhoff is likely to give him a seat at the table when the restructuring of the embattled firm is negotiated.

The Business Day is reporting that, ironically, the transactions listed in Wiese's legal claim came under fire at the time because of a potential conflict of interests that favoured him over other Steinhoff shareholders.

Wiese's announcement that his Titan Group had served summons on Steinhoff follows weeks of speculation that he had lawyered up in a bid to salvage some assets from the scandal-plagued company.

Wiese said he was misinformed while Steinhoff he was chairperson and wants to recover investments made in 2015 and 2016. He stepped down as the chairperson last year after a criminal investigation was launched.

Wiese said that despite the R59 billion claim, he would still like to see Steinhoff International survive.

But he says the investigation must continue into former Steinhoff chief executive officer Markus Jooste, also to find out exactly who else was involved in possible criminal activities.

“We all have to wait for the auditor’s report but I think it would be fair to assume that it is highly unlikely that he would have acted entirely on his own.”

Wiese said he has always based his businesses on trust and invested decades of his life in building them.

He added for this reason, he would like to see the local star group continue to prosper despite what has happened.