Christo Wiese to sue Steinhoff for R59bn

Christo Wiese. File picture
Christo Wiese. File picture
Image: Mike Hutchings/Reuters

Companies in dollar billionaire and former Steinhoff chairperson Christo Wiese’s Titan Group are suing Steinhoff for R59-billion.

Wiese’s Titan Group served summons on Steinhoff International Holdings (Pty) Ltd‚ which is registered in South Africa‚ and Steinhoff International Holdings NV‚ which is registered in the Netherlands.

“The companies claim cancellation of the agreement entered into with Steinhoff International Holdings (Pty) Limited in the year‚ 2015 whereby the Titan Group subscribed for shares in Steinhoff following the acquisition of Pepkor Limited from the shareholders of Pepkor. They now claim repayment of the subscription amount.

“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‚” the Titan Group said in a statement.