Wiese calls for overhaul and sues Steinhoff for R59bn
Best way forward is to sit around the table and decide how to restructure the company, says Steinhoff’s largest shareholder
Steinhoff's largest shareholder, Christo Wiese, is calling for a restructuring of the company after issuing a summons as he sues the retailer for about R59-billion. His claim is based on investments his company, Titan Group, had made in Steinhoff between 2015 and 2016. Wiese told Business Times on Thursday: "The simple truth is that in any company there are a number of stakeholders; the current shareholders, the creditors and the claimants. The best way forward is for them to sit around the table and decide how to restructure the company going forward." A statement released by Titan calls for a repayment on the subscription of shares bought by Titan in 2015 for the Pepkor acquisition. The second claim relates to Titan's capital injection into Steinhoff in 2016 to enable it to meet its debt obligations when it bought US-based Mattress Firm. Wiese said when Steinhoff bought Mattress Firm, despite having to fund the acquisition by paying off the debt, "there were no red flags. The busi...
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