Christo Wiese to sue Steinhoff for R59bn — but Dutch law may not allow it
Veteran businessman Christo Wiese’s Titan Group has instituted a R59bn claim against the Steinhoff group of companies, citing cash investments made between 2015 and 2016. The Titan Group had served summons on Steinhoff International Holdings, registered in SA, and Steinhoff International Holdings NV, registered in the Netherlands, in respect of claims totaling about R59bn, read a statement released on behalf of Wiese, previously Steinhoff’s chairman, on Thursday afternoon. “These claims relate to cash investments made by the Titan Group in Steinhoff in 2015 and 2016.” The 2015 investment related to the Titan Group’s subscription of shares in Steinhoff following the Pepkor acquisition, for which it was claiming repayment. The 2016 investment related to its capital injection into Steinhoff to meet debt obligations relating to its purchase of Mattress Firm in the US. Wiese said his group was fully prepared to work with other claimants and shareholders to ensure Steinhoff "remains and ...
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