<div style="display: block; position: relative; max-width: 730px;">
<div style="padding-top: 56.25%;"><iframe style="width: 100%; height: 100%; position: absolute; top: 0px; bottom: 0px; right: 0px; left: 0px;" src="//players.brightcove.net/1571595826001/default_default/index.html?videoId=5841611831001" allowfullscreen="" border=0 frameborder=0></iframe></div>
</div>
<p>South African Institutions including Abax Investments, Allan Gray and Coronation, to name a few have joined a class action run by Dutch law firm BarentsKrans against Steinhoff. The legal firm is seeking losses suffered as a result of the collapse in the share price of global retailer Steinhoff in December 2017. Joining CNBC Africa for more is Martin Hyde, Director, Claims Funding Europe.</p>


SA’s top fund managers join Dutch law firm class action against Steinhoff

<div style="display: block; position: relative; max-width: 730px;">
<div style="padding-top: 56.25%;"><iframe style="width: 100%; height: 100%; position: absolute; top: 0px; bottom: 0px; right: 0px; left: 0px;" src="//players.brightcove.net/1571595826001/default_default/index.html?videoId=5833513426001" allowfullscreen="" border=0 frameborder=0></iframe></div>
</div>
<p>Tekkie Town retail venture will oppose a High Court application brought by JSE-listed Pepkor seeking to halt the start-up retailer from opening its first store. Joining CNBC Africa for more insights is Tekkie Town&#8217;s Co-Founder, Bernard Mostert.</p>


Pepkor goes to court against Tekkie Town’s founders

<div style="display: block; position: relative; max-width: 730px;">
<div style="padding-top: 56.25%;"><iframe style="width: 100%; height: 100%; position: absolute; top: 0px; bottom: 0px; right: 0px; left: 0px;" src="//players.brightcove.net/1571595826001/default_default/index.html?videoId=5833414017001" allowfullscreen="" border=0 frameborder=0></iframe></div>
</div>
<p>CNBC Africa&#8217;s Aviwe Mtila spoke to Abel Sithole, Principal Executive Officer, GEPF about the role of the pension fund in tackling South Africa’s economic challenges.</p>


GEPF’s Abel Sithole on tackling SA’s growth challenges, Steinhoff crash

<div style="display: block; position: relative; max-width: 730px;">
<div style="padding-top: 56.25%;"><iframe style="width: 100%; height: 100%; position: absolute; top: 0px; bottom: 0px; right: 0px; left: 0px;" src="//players.brightcove.net/1571595826001/default_default/index.html?videoId=5831095699001" allowfullscreen="" border=0 frameborder=0></iframe></div>
</div>
<p>CNBC Africa&#8217;s political economy reporter, Karabo Letlhatlha spoke Benguela Global Fund Managers, a shareholder in Shoprite. They also laid charges against Markus Jooste after the Steinhoff scandal broke. Karabo spoke with them about their thoughts on the developments in parliament.</p>


Why Benguela is concerned about former Steinhoff CEO Markus Jooste’s testimony

<div style="display: block; position: relative; max-width: 730px;">
<div style="padding-top: 56.25%;"><iframe style="width: 100%; height: 100%; position: absolute; top: 0px; bottom: 0px; right: 0px; left: 0px;" src="//players.brightcove.net/1571595826001/default_default/index.html?videoId=5831084088001" allowfullscreen="" border=0 frameborder=0></iframe></div>
</div>
<p>It wasn’t me, I am not to blame, ex-Steinhoff boss Markus Jooste told South African law makers who are trying to get to the bottom of the biggest corporate scandal in South Africa&#8217;s history that&#8217;s lost a lot of people a lot of money.</p>


Ex Steinhoff boss Markus Jooste on accounting irregularities, his losses, who’s to blame

<p>On Wednesday Steinhoff’s former CEO Markus Jooste will give his side of the story as to what led to the demise of one of the world’s largest furniture retailers when he appears in front of parliament, see below. It will be the first time the man who has been described as a megalomaniac and was allegedly responsible for the accounting irregularities at the group will give public testimony since resigning on 5<sup>th</sup> December 2017. Events that precipitated <a href="http://cnbc.africa/insights/steinhoff/2017/12/22/steinhoff-scandal-knocks-12bn-off-value-blow-tycoon-wiese/">the wiping out of billions of dollars of Steinhoff’s market capitalisation</a>. Here are ten facts about Jooste you probably didn’t know revealed in <em>Steinhoff: Inside SA’s Biggest Corporate Crash</em> by James-Brent Styan, which was published this year:</p>
		
						<div style="display: block; position: relative; min-width: 0px; max-width: 640px;">
					<div style="padding-top: 56%; ">
						<video-js
								id="5831084088001"
								data-video-id="5831084088001" data-account="1571595826001"
								data-player="962b8774-5f97-47fd-81a6-837da7aecf49"
								data-usage="cms:WordPress:6.5.3:2.8.4:javascript"
								data-embed="default" class="video-js"
								data-application-id=""
								controls   								style="width: 100%; height: 100%; position: absolute; top: 0; bottom: 0; right: 0; left: 0;">
						</video-js>

						<script src="https://players.brightcove.net/1571595826001/962b8774-5f97-47fd-81a6-837da7aecf49_default/index.min.js"></script> 					</div>
				</div>
						
		
<ul>
<li>Jooste did not own Steinhoff shares in his own name when he resigned on the 5 December 2017. His wife Ingrid and son Michael, did.</li>
<li>The 68.9 million shares he owned in his name on the 30 September 2016 were transferred into other companies including Mayfair Speculators, his horse racing business, which is part of a holding company named Mayfair Holdings. The entities’ two directors are Jooste and his son-in-law, Stefan Potgieter. The holdings business is owned by Jooste’s personal trust.</li>
<li>In August 2017, just over three months before the collapse in Steinhoff’s share price, notes Brent Styan’s <em>Steinhoff: Inside SA’s Biggest Corporate Crash</em> Jooste and Potgieter declared a dividend in specie from Mayfair Speculators to Mayfair Holdings comprising houses, property developments, shares in other companies and about R200 million cash. The total value of the assets transferred was R1.5 billion.  After Jooste and Potgieter stripped Mayfair Speculators of the majority of its assets, mainly debt and Steinhoff shares remained in the company, that were practically worthless by December 2017. The debt was more than R1 billion and owed to various financial institutions including Investec, Absa and Sanlam Capital Markets. According to <em>Steinhoff: Inside SA’s Biggest Corporate Crash</em>, “At the end of November, just days before the Steinhoff collapse, Potgieter asked Investec for an increase in Mayfair Speculators’ credit facility. Investec extended an amount of R93.4 million and paid it to Mayfair Speculators in late November. This brought the total loan amount to R250 million. The collateral for the additional debt was Steinhoff shares”.</li>
<li>Jooste remains one of the major racehorse owners in the country through his stakes in Mayfair and the Klawervlei Stud farm.</li>
<li>Jooste is still a major shareholder in JSE-listed company, Phumelela. At the end of July 2017 he and Investec’s co-founder Bernard Kantor’s Kalamojo Trading &amp; Investments owned 9.19% of the horseracing company.</li>
<li>A consortium of which Jooste was part of purchased retail tycoon Christo Wiese’s historic farm Lanzerac in the Jonkershoek Valley.</li>
<li>For several years, Jooste worked for the South African Revenue Service specialising in taxation.</li>
<li>In 2011, Jooste received the Vice-Chancellor’s Gold Award from Stellenbosch University. According to <em>Steinhoff: Inside SA’s Biggest Corporate Crash</em>, the award is given to individuals or institutions who have donated more than R5 million to the university.” Only one other individual besides Jooste has been honoured with a Gold Award”, FirstRand’s co-founder GT Ferreira.</li>
<li>Jooste co-owned the farm formerly known as Bengale opposite PSG founder Jannie Mouton’s farm Klein Gustrouw in the Jonkershoek Valley.</li>
<li>Whilst studying at Stellenbosch University, Jooste stayed at the male residence Wilgenhof to which he later donated a black Jaguar.</li>
</ul>
<p><iframe loading="lazy" width="560" height="315" src="https://www.youtube.com/embed/6yLDWcYFt44" frameborder="0" allow="autoplay; encrypted-media" allowfullscreen></iframe></p>

Ten facts you probably didn’t know about Steinhoff’s former boss Markus Jooste

<p>JOHANNESBURG (Reuters) &#8211; Steinhoff reported a slight increase in nine-month sales on Friday as its managers remained preoccupied with cleaning up after an accounting fraud that nearly tipped the South African retailer into bankruptcy.</p>
<p>Steinhoff was thrown a lifeline last month when its creditors agreed to delay debt claims for three years after the multinational retailer uncovered accounting irregularities that sent its shares crashing and left it scrambling for working capital.</p>
<p>The company, which is registered in the Netherlands, said sales rose 2 percent to 12.9 billion euros ($15 billion) in the nine months through June as a strong showing at its separately listed African unit, Pepkor, offset weak results from Europe, the United States and Europe. The group’s brands include Mattress Firm in the United States and Poundland in Britain.</p>
<p>“As a management team we are focused on maintaining stability within the operations; finalising the implementation of the restructuring plan with the group’s financial creditors; improving governance at all levels,” the company said in a statement.</p>
<p>Shares in Steinhoff rose 3.17 percent to 2.95 rand as of 1026 GMT, valuing the company at around 12 billion rand, far from the more than 200 billion rand valuation the stock fetched just nine months ago.</p>
<p>Steinhoff has already written down the value of its assets by more than $12 billion following initial findings of an investigation into the company’s past bookkeeping practices.</p>
<p>The probe, being carried out by auditing firm PwC, has uncovered accounting irregularities that date back to at least 2015, and is expected to be completed by the end of the year.</p>
<p>($1 = 0.8570 euros)</p>
<p>Reporting by Tiisetso Motsoeneng; Editing by James Macharia and Susan Fenton</p>


Scandal-ridden Steinhoff reports 2% increase in nine-month sales, what you need to know…

<p>LHL Attorneys on Wednesday filed a prospective class action proceeding at the South Gauteng High Court in Johannesburg, South Africa over what it alleges was the destruction of over €12 billion (ZAR 185 billion) in shareholder value resulting from the <a href="http://Steinhoff Archives - CNBC Africa">long-running accounting irregularities at Steinhoff</a>. It is seeking the recovery of those losses.</p>
<p>There are 42 defendants in the lawsuit including Dutch incorporated Steinhoff International Holdings NV, its South African predecessor Steinhoff International Holdings., Absa, Germany’s Commerzbank AG, UK-based bank Standard Chartered Bank, auditors Deloitte and Rödl &amp; Partner, and several former and current board members, such as former  Steinhoff International Holdings and Steinhoff International Holdings, NV CEO Markus Jooste, former CFO Ben la Grange and ex-Chairman and South African billionaire Christo Wiese.</p>
<p><iframe loading="lazy" width="560" height="315" src="https://www.youtube.com/embed/aLCM3i_NO00" frameborder="0" allow="autoplay; encrypted-media" allowfullscreen></iframe></p>
<p>Zain Lundell, of LHL Attorneys told CNBC Africa that once all respondents have been notified of the action a court date will be requested.</p>
<p>According to a statement from Steinhoff International Compensation Claims, the plaintiff who commenced the class action is being represented by the South African litigation firm, LHL Attorneys Inc and “has the backing of the Foundation Steinhoff International Compensation Claims, an initiative of institutional investors seeking a comprehensive, cross-jurisdictional recovery of losses suffered as a result of investments in various Steinhoff securities”.</p>
<p>The lawsuit’s claims are on behalf of investors who purchased Steinhoff shares in the period from at least June 26, 2013 to December 5, 2017.</p>
<p>“Steinhoff has operated and continues to operate in and out of South Africa. Steinhoff’s shares pre-December 2015 were listed on the JSE and its post-December 2015 shares are registered and traded on both the JSE and FSE. Thousands of South African shareholders have been affected by the defendants’ conduct, including the largest pension fund in South Africa, so it was a logical decision to commence this true opt-out class action proceeding here in South Africa.</p>
<p>“South Africa has a well-established and reliable legal system with favourable legislation that we believe will allow aggrieved investors to be fairly compensated for their losses. Moreover, South Africa’s true opt-out class action procedure is superior to the proceedings available in the Netherlands and Germany and, thus, will contribute to the protection of all shareholders, large and small alike,” reckons Lundell.</p>


Class action lawsuit against Steinhoff, Deloitte, current & former directors filed in South Africa 

<div style="display: block; position: relative; max-width: 730px;">
<div style="padding-top: 56.25%;"><iframe style="width: 100%; height: 100%; position: absolute; top: 0px; bottom: 0px; right: 0px; left: 0px;" src="//players.brightcove.net/1571595826001/default_default/index.html?videoId=5816531923001" allowfullscreen="" border=0 frameborder=0></iframe></div>
</div>
<p>The High Court&#8217;s Western Cape Division discharged the interim order brought by the Pepkor group against four of the previous executives of Tekkie Town and another three legal entities linked to these executives. Pepkor’s Speciality division accused the key managers of Tekkie Town of &#8220;sabotage&#8221; against Steinhoff.</p>


High Court dismisses sabotage order against former Tekkie Town executives

<p>JOHANNESBURG (Reuters) &#8211; Steinhoff’s creditors agreed to hold on their debt claims for three years, the embattled retailer said on Friday, throwing a lifeline for the South African retailer caught in the throes of an accounting scandal.</p>
<p>The parties will now seek to implement the restructuring within three months, the retailer said in a statement. Steinhoff’s shares initially rose 3 percent in response to the news, but later pared its gains to trade down 1.69.</p>
<p>It is fighting for survival after revealing multi-billion euro holes in its balance sheet that wiped more than 90 percent off its market value and forced it to sell assets to fund working capital.</p>
<p>Reporting by Nqobile Dludla; Editing by James Macharia</p>


Lifeline thrown at Steinhoff as creditors agree to debt lock-up, what you need to know

<p>JOHANNESBURG, June 29 (Reuters) &#8211; Troubled South African retailer <a href="http://www.steinhoffinternational.com/downloads/2018/latest-results/Half-year%20report%202018.pdf">Steinhoff reported</a> a hefty 152 million euros ($177 million) half-year operating loss verse 44 million euros in 2017 on Friday, hit by writedowns related to an accounting scandal.</p>
<p>The loss is the latest setback for the multinational retailer which has been fighting to stay afloat since last December when it revealed holes in its accounts that wiped $15 billion off its market value. ($1 = 0.8579 euros)</p>
<p>In its interim statement Steinhoff says it hopes to release full year audited results for 2017  in December 2018 and full year 2018 results in January 2019.</p>
<p>The retailer in its results said it has reported former CEO Markus Jooste to the South African government’s Directorate for Priority Crime Investigation Unit, the Hawks, under section 34(1)(b) of the Prevention and Combatting of Corrupt Practices Act 2004.</p>
<p>(Reporting by Tiisetso Motsoeneng; Editing by Elaine Hardcastle)</p>
<ul>
<li>Additional reporting by CNBC Africa</li>
</ul>


Global retailer Steinhoff’s interim loss widens threefold

Inside the Steinhoff saga, one of the biggest cases of corporate fraud in South African business history

<p>*Update, the story written by Reuters was inaccurate. According to Christo Wiese, speaking on 702, the transaction was not a sale of shares but a derivative transaction aimed at stabilising his balance sheet.  Shoprite issued the following statement to clarify</p>
<p><em>Rand Merchant Bank (a division of FirstRand Bank Limited) (“RMB”) and Absa Bank Limited (acting through its Corporate and Investment Banking division) (“Absa”) (collectively the “Sellers”) announce the launch of an </em><em>accelerated bookbuild offer of up to 17,017,500 Shoprite Holdings Limited (“Shoprite”) ordinary shares (the </em><em>“Placement Shares”) pursuant to a derivative transaction entered into with Titan Premier Investments Proprietary Limited (“Titan”) (the “Placement”).</em></p>
<p><em>Titan and its subsidiaries currently hold c.79 million Shoprite ordinary shares, representing c.14% of the total issued ordinary shares of Shoprite. Titan has entered into a collar transaction with the Sellers on c.18.9m of Shoprite shares (the “Collar Transaction”). This transaction is part of Titan’s ongoing investment and balance sheet management. Following the Collar Transaction, Titan will have achieved the optimum composition of its balance sheet and no further transactions in relation to Shoprite are contemplated.</em></p>
<p><em>Titan believes that it is prudent to manage portfolio risk through this hedging transaction given Shoprite’s concentrated position in its investment portfolio. The Collar Transaction enables Titan to protect a portion of its Shoprite exposure. Titan continues to believe in the long-term value of Shoprite and will remain a strategic investor in the company.</em></p>
<p><em>The Placement Shares represent 2.9% of the total issued ordinary shares of Shoprite. The Placement is being made to qualifying institutional investors only and is not an offer to the public in any jurisdiction. The book for the Placement is open with immediate effect and is expected to close as soon as possible. Pricing and allocations will be announced as soon as practicable following the closing of the book.</em></p>
<p><em>RMB, Absa and Morgan Stanley &amp; Co. International plc are acting as joint bookrunners (the “Joint Bookrunners”) for the Placement.</em></p>
<p>JOHANNESBURG (Reuters) &#8211; South African tycoon Christo Wiese sold part of his stake in grocer Shoprite (SHPJ.J) on Wednesday, raising 3.6 billion rand ($264 million) and shoring up his finances, which were dented by his exposure to scandal-hit Steinhoff.</p>
<p>Shoprite&#8217;s share price dropped almost 6% to R<span class="r-i7Cl23ljHUKI"><span class="IsqQVc NprOob i7Cl23ljHUKI-zJFzKq8ukm8">211,55 on Wednesday. </span></span></p>
<p><strong>READ:</strong> <a href="http://cnbc.africa/insights/steinhoff/2017/12/21/shoprtie-share-sale/">Billionaire Christo Wiese sells over $80mln in Shoprite shares</a></p>
<p>Nearly $15 billion has been wiped off Steinhoff (<span id="”symbol_SNHJ.J_1”"><a href="https://www.reuters.com/finance/stocks/overview?symbol=SNHJ.J">SNHJ.J</a></span>) (<span id="”symbol_SNHG.DE_2”"><a href="https://www.reuters.com/finance/stocks/overview?symbol=SNHG.DE">SNHG.DE</a></span>) shares over the last six months after the owner of Mattress Firm and Conforama revealed holes in its accounts.</p>
<p>Wiese was particularly hard hit by the fall as the largest shareholder in Steinhoff, with a stake of about 20 percent.</p>
<p>Wiese’s company Titan sold 17 million shares, or a 2.9 percent stake, at 210 rand each in Shoprite, a 130 billion rand company he transformed from just six outlets in the 1970s to hundreds across Africa.</p>
<p>“This transaction is part of Titan’s ongoing investment and balance sheet management,” Morgan Stanley said in a statement. “Titan continues to believe in the long-term value of Shoprite and will remain a strategic investor in the company.”</p>
<p>The sale, which was via a so-called accelerated bookbuild, reduces Wiese’s stake in Shoprite to about 11 percent. He stake was as big as 17 percent in early December.</p>
<p>Shares in Shoprite fell as much as 9 percent before recouping some of the losses to trade 5.3 percent lower at 212.99 rand as of 0844 GMT.</p>
<p>RMB and Absa also helped arrange deal.</p>


Africa’s largest retailer Shoprite’s share price knocked on Christo Wiese’s derivative transaction

<p><em>By Carl Bates, Founder and CEO of <a href="http://www.sirdargroup.com">Sirdar Group</a>, and a YPO member</em></p>
<p>When an investor opens the paper these days they expect to read insights into the latest financial scandal or corporate disaster. Indeed this year started with a bang with the <a href="http://cnbc.africa/category/insights/steinhoff/">demise of Steinhoff</a>, although it have not been the only company hit by governance failures and the resulting pressure on its share price.</p>
<p>Yet what about the thousands of business owners who walk through the door of their own offices every day? How are they performing? What impact does poor governance have on them? While not as news-worthy as failures such as Steinhoff, the evidence shows that these businesses are impacted by the same poor governance and lack of understanding of the true value of a board as big corporates can be. However the impact is less relevant to us as a society and therefore not reported in the same way. Many of these shareholders believe that because it is their own business the concept of a board is not even relevant to them. Well what if the truth was somewhat different? What if boards drove performance for these companies as well?</p>
<p>For those enlightened privately-held companies and family businesses who embark on the journey of implementing a high-performance board, it is not necessarily plain sailing. Due to the low engagement by such businesses in the concept of a formal board, good guidance can be challenging to find.</p>
<p>One such question they immediately ask is “What should we pay our non-executive directors?” Type that question into Google and you will find the answer for directors that sit on JSE-listed companies’ boards. What about all the other South African and African-based family businesses or privately-held companies?</p>
<p>Those sitting on the boards of these private and family entities can experience very diverse remuneration as non-executive directors, even though, as the Korn Ferry Institute puts it: <em>“Today’s NEDs [non-executives directors] must be more engaged, more numerate and more technically competent than ever before</em>”.  For these numerous non-executive directors and the companies whose boards they serve, there are few guidelines that reference directors’ rightful compensation.</p>
<p>Having served on boards such as these for many years and being passionate about empowering business owners to break through the barriers that confine them to little reward, I have identified a huge knowledge gap regarding non-listed African board practices, particularly relating to privately-held company and family business board fees, through a proprietary research project.</p>
<p>In all these private and family entities I have been engaged with across the continent, I have observed three subjects where the knowledge gap is particularly obvious, namely:</p>
<ul>
<li>The structure and quantum of fees earned by the non-executive and independent directors of these businesses.</li>
<li>The perceived performance of these boards and the obstacles they face according to those who sit on them</li>
<li>Board diversity with respect to gender, ethnicity, age, and the impact, if any, of board diversity on the perceived performance of these boards.</li>
</ul>
<p>With my company, Sirdar Group, I decided to launch unprecedented research: <a href="http://bit.ly/SirdarSurvey18"><em>Africa’s first non-executive and independent directors’ fees, performance and diversity survey for privately-held companies and family businesses</em></a>. This is because every business owner wants and deserves to know what he or she should ask when trying to attract the best directors for their company. They also deserve to understand the best practices in implementing a board with the right makeup. It is far from being a simple undertaking, even for big corporations that are used to it.</p>
<p>Through this research we want to support the achievement of meaningful economic impact by companies across the continent. This is achieved through supporting their ability to have truly high-performance boards. To make this happen, we will send a complimentary copy of the report to every director who completes the survey and will share with them the precious insights we will learn. I truly believe in the great potential that lies in African companies to drive economic prosperity over the long term and that the establishment of well-structured and representative boards can boost business success and will ultimately make a meaningful impact on the quality of life of citizens through job creation, and the provision of quality goods and services.</p>


Gauging non-executive director remuneration in Africa

<p>Steinhoff&#8217;s share price fell over 11 per cent on news that retail tycoon <a href="http://cnbc.africa/insights/steinhoff/2018/04/26/african-billionaire-christo-wieses-titan-suing-steinhoff/">Christo Wiese&#8217;s Titan</a> plans to sue the retailer for R59 billion.</p>
<p>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.</p>
<p>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.</p>
<p>Asked if he plans to exit his shareholding in Steinhoff, he says he &#8220;has retained all his shares and still has them since the crash&#8221;&#8230;</p>
<p>On the biggest lessons learnt from this entire experience he said &#8220;it is too long a list&#8230; he is asking himself what he could have done differently. For more watch the full interview&#8230;</p>
		
						<div style="display: block; position: relative; min-width: 0px; max-width: 640px;">
					<div style="padding-top: 56%; ">
						<video-js
								id="5776795625001"
								data-video-id="5776795625001" data-account="1571595826001"
								data-player="962b8774-5f97-47fd-81a6-837da7aecf49"
								data-usage="cms:WordPress:6.5.3:2.8.4:javascript"
								data-embed="default" class="video-js"
								data-application-id=""
								controls   								style="width: 100%; height: 100%; position: absolute; top: 0; bottom: 0; right: 0; left: 0;">
						</video-js>

						<script src="https://players.brightcove.net/1571595826001/962b8774-5f97-47fd-81a6-837da7aecf49_default/index.min.js"></script> 					</div>
				</div>
						
		
<p>&nbsp;</p>

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

<div style="display: block; position: relative; max-width: 730px;">
<div style="padding-top: 56.25%;"><iframe style="width: 100%; height: 100%; position: absolute; top: 0px; bottom: 0px; right: 0px; left: 0px;" src="//players.brightcove.net/1571595826001/default_default/index.html?videoId=5776795625001" allowfullscreen="" border=0 frameborder=0></iframe></div>
</div>
<p>Christo Wiese’s Titan Group have served have sued Steinhoff for R59 billion. Wiese lost billions of rand in investment when Steinhoff share price crashed last year due to the “accounting irregularities”. He joins CNBC Africa for more.</p>


How broken is Christo Wiese over Steinhoff?

<p>Steinhoff&#8217;s largest shareholder and former chairperson is suing the retailer through his company Titan for R59 billion or $4.8 billion.</p>
<p>Wiese resigned as chairman in December last year, days after Steinhoff uncovered accounting irregularities that sent its shares crashing.</p>
<p>These are the highlights of the claim:</p>
<p>* TITAN GROUP &#8211; CLAIMS RELATE TO CASH INVESTMENTS MADE BY THE TITAN GROUP IN STEINHOFF IN 2015 AND 2016.</p>
<p>* TITAN GROUP &#8211; 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</p>
<p>* TITAN GROUP -COMPANIES CLAIM CANCELLATION OF AGREEMENT ENTERED INTO WITH STEINHOFF IN 2015 WHEREBY THE TITAN GROUP SUBSCRIBED FOR SHARES IN STEINHOFF</p>
<p>* TITAN GROUP &#8211; WIESE SAID HIS CO FULLY PREPARED TO WORK WITH CLAIMANTS TO ENSURE STEINHOFF REMAINS, CONTINUES AS SUSTAINABLE CO</p>
<p>* TITAN GROUP &#8211; IN 2015 TITAN SUBSCRIBED FOR SHARES IN STEINHOFF FOLLOWING ACQUISITION OF PEPKOR; COMPANIES NOW CLAIM REPAYMENT OF OF SUBSCRIPTION AMOUNT</p>


Steinhoff

SA’s top fund managers join Dutch law firm class action against Steinhoff

Pepkor goes to court against Tekkie Town’s founders

GEPF’s Abel Sithole on tackling SA’s growth challenges, Steinhoff crash

Why Benguela is concerned about former Steinhoff CEO Markus Jooste’s testimony

Ex Steinhoff boss Markus Jooste on accounting irregularities, his losses, who’s to blame

Ten facts you probably didn’t know about Steinhoff’s former boss Markus Jooste

Scandal-ridden Steinhoff reports 2% increase in nine-month sales, what you need to know…

Class action lawsuit against Steinhoff, Deloitte, current & former directors filed in South Africa

High Court dismisses sabotage order against former Tekkie Town executives

Lifeline thrown at Steinhoff as creditors agree to debt lock-up, what you need to know

Global retailer Steinhoff’s interim loss widens threefold

Inside the Steinhoff saga, one of the biggest cases of corporate fraud in South African business history

Africa’s largest retailer Shoprite’s share price knocked on Christo Wiese’s derivative transaction

Gauging non-executive director remuneration in Africa

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

How broken is Christo Wiese over Steinhoff?

African billionaire Christo Wiese’s Titan is suing Steinhoff

News Tips

Advertise With Us

Steinhoff

SA’s top fund managers join Dutch law firm class action against Steinhoff

Pepkor goes to court against Tekkie Town’s founders

GEPF’s Abel Sithole on tackling SA’s growth challenges, Steinhoff crash

Why Benguela is concerned about former Steinhoff CEO Markus Jooste’s testimony

Ex Steinhoff boss Markus Jooste on accounting irregularities, his losses, who’s to blame

Ten facts you probably didn’t know about Steinhoff’s former boss Markus Jooste

Scandal-ridden Steinhoff reports 2% increase in nine-month sales, what you need to know…

Class action lawsuit against Steinhoff, Deloitte, current & former directors filed in South Africa

High Court dismisses sabotage order against former Tekkie Town executives

Lifeline thrown at Steinhoff as creditors agree to debt lock-up, what you need to know

Global retailer Steinhoff’s interim loss widens threefold

Inside the Steinhoff saga, one of the biggest cases of corporate fraud in South African business history

Africa’s largest retailer Shoprite’s share price knocked on Christo Wiese’s derivative transaction

Gauging non-executive director remuneration in Africa

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

How broken is Christo Wiese over Steinhoff?

African billionaire Christo Wiese’s Titan is suing Steinhoff

News Tips

Advertise With Us

Newsletters