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Wiese lodges R59 billion claim against Steinhoff

───   08:33 Fri, 27 Apr 2018

Wiese lodges R59 billion claim against Steinhoff | News Article
Christo Wiese (Gallo)

South African billionaire Christo Wiese on Thursday lodged a R59 billion claim against Steinhoff International Holdings in respect to cash investments made by his Titan Group of companies in Steinhoff in 2015 and 2016.


African News Agency reports Wiese lost billions of rand in investment when the Steinhoff share price crashed last year due to the “accounting irregularities” scandal which also ended the career of its long-time chief executive, Markus Joostè, and prompting Wiese’s resignation as chairman.

Wiese’s companies are claiming for repayment of the subscription amount they paid in 2015 when they subscribed for shares in Steinhoff following the acquisition of Pepkor Limited.

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 Mattress Firm in the US.

In a letter accompanying the summons, Wiese’s attorneys stated that he believed it is in the best interest of all stakeholders in Steinhoff that a restructuring of the group be effected on fair and equitable terms.

Wiese said in his view the Steinhoff group owned some excellent businesses, most of which Steinhoff acquired from Pepkor in 2015, and that they “have every potential of continuing to create value for all shareholders and claimants”.


African News Agency (ANA)

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