Christo Wiese’s R59bn claim will give him a say in restructuring
Christo Wiese’s dramatic R59bn claim against Steinhoff will give him a seat at the table when the restructuring of the ailing group is negotiated. Ironically, the transactions that form the basis of Wiese’s legal claim were severely criticised at the time because of potential conflicts of interest that favoured him over other Steinhoff shareholders. Experts on corporate governance say Wiese’s claims that he undertook the transactions on the basis of "misleading information" provided by former Steinhoff CEO Markus Jooste have to be viewed in the context of Wiese receiving R30m in chairman’s fees in 2016. Wiese’s announcement that his Titan Group had served summons on Steinhoff International Holdings, registered in SA, and Steinhoff International Holdings registered in the Netherlands, followed weeks of rumours that he had "lawyered up" in a bid to rescue something from the company’s ashes. Armand Kersten, head of European relations at VEB, which has instituted legal action against St...
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