African retail tycoon Christo Wiese: Why I’m suing #Steinhoff

Steinhoff’s share price fell over 11 per cent on news that retail tycoon Christo Wiese’s Titan plans to sue the retailer for R59 billion.

For years Dr Wiese was known as the man with the midas touch some now feel he has lost it, speaking to CNBC Africa he says his is suing Steinhoff for R59 billion as it equals the value of shares he subscribed for in Steinhoff when the Pepkor transaction happened and the capital raise in 2016.

Asked about the fiduciary duties of a chairperson he says as Judge King said no one expects a non executive to be a blood hound.

Asked if he plans to exit his shareholding in Steinhoff, he says he “has retained all his shares and still has them since the crash”…

On the biggest lessons learnt from this entire experience he said “it is too long a list… he is asking himself what he could have done differently. For more watch the full interview…

 

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