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
* TITAN GROUP – IN 2015 TITAN SUBSCRIBED FOR SHARES IN STEINHOFF FOLLOWING ACQUISITION OF PEPKOR; COMPANIES NOW CLAIM REPAYMENT OF OF SUBSCRIPTION AMOUNT