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WATCH: Christo Wiese has his claws out for Steinhoff
Former Steinhoff chairman Christo Wiese is suing Steinhoff in a bid to recoup the R59bn cash investment he made into the retailer in 2015 and 2016 via his business, The Titan Group. In 2015 the Titan Group subscribed for shares in Steinhoff following the acquisition of Pepkor and the group now wants repayment of that subscription amount. In addition to that, The Titan Group also wants to claim back the capital injection it gave to Steinhoff in 2016 to seal the Mattress Firm deal. Steinhoff’s shares fell 11.3% on Thursday after the news broke. Meanwhile, Steinhoff has come to an agreement on the ownership of German furniture chain, POCO. The retailer has been locked in a court battle with Andreas Seifert on the matter. Seifert claimed half ownership of POCO, while Steinhoff claimed that he had been bought out due to unspecified actions by his company. The two parties have now agreed to settle. Seifert will take a 50% stake in POCO for à266m. Wiese spoke to Business Day TV about the r...
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