Christo Wiese lodges R50bn claim against Steinhoff

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JOHANNESBURG, April 26 (ANA) – 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.

Wiese lost billions of rand in investment when 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.

Weise’s companies are claiming for repayment of the subscription amount they paid in 2015 when hey 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.

 – African News Agency (ANA)