African billionaire Christo Wiese’s Titan is suing Steinhoff

PUBLISHED: Thu, 26 Apr 2018 15:17:41 GMT
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Steinhoff’s largest shareholder and former chairperson is suing the retailer through his company Titan for R59 billion or $4.8 billion.

Wiese resigned as chairman in December last year, days after Steinhoff uncovered accounting irregularities that sent its shares crashing.

These are the highlights of the claim:

* TITAN GROUP – CLAIMS RELATE TO CASH INVESTMENTS MADE BY THE TITAN GROUP IN STEINHOFF IN 2015 AND 2016.

* TITAN GROUP – SECOND CLAIM RELATES TO GROUP’S CAPITAL INJECTION INTO STEINHOFF IN 2016 TO ENABLE IT TO MEET ITS DEBT OBLIGATIONS AT TIME OF ITS ACQUISITION OF US MATTRESS FIRM

* TITAN GROUP -COMPANIES CLAIM CANCELLATION OF AGREEMENT ENTERED INTO WITH STEINHOFF IN 2015 WHEREBY THE TITAN GROUP SUBSCRIBED FOR SHARES IN STEINHOFF

* TITAN GROUP – WIESE SAID HIS CO FULLY PREPARED TO WORK WITH CLAIMANTS TO ENSURE STEINHOFF REMAINS, CONTINUES AS SUSTAINABLE CO

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