Christo Wiese sues Steinhoff for R59 billion

Christo Wiese. Picture: Supplied.

I would think it’s obvious [when asked why he’s suing]. To recover the money I invested based on misleading information.

Chriso Wiese

Markus, like many other high profile people, has his enemies… Did I ever see anything that indicated dishonesty? The answer is ‘no’.

Chriso Wiese

Companies in Christo Wiese’s Titan Group have served summons on Steinhoff International Holdings (Pty) Ltd, registered in South Africa, and Steinhoff International Holdings NV, registered in the Netherlands, in respect of claims totalling R59 billion.

The claims relate to cash investments made by the Titan Group in Steinhoff in 2015 and 2016.

(Also read: It came like a bolt out of the blue! – Christo Wiese on the Steinhof crisis)

The companies claim cancellation of the agreement entered into with Steinhoff International Holdings (Pty) Limited in 2015 whereby the Titan Group subscribed for shares in Steinhoff following the acquisition of Pepkor Limited.

They now claim repayment of the subscription amount.

The second claim relates to the Titan Group’s capital injection into Steinhoff in 2016 to enable it to meet its debt obligations at the time of its acquisition of Mattress Firm in the US.

The Money Show’s Bruce Whitfield interviewed Wiese.

Listen to the interview in the audio below (and/or scroll down for more quotes from it).

Does anyone suggest that a Chairman can’t be misled?

Chriso Wiese

To say I was ‘blinkered’ is putting it too strongly… It’s stretching the point a little bit…

Chriso Wiese

I invested cash into the company… I was on the board for two years to see how the company was run… It was only then that I decided to make that very substantial investment…

Chriso Wiese

I said in Parliament that I’ve lost 30 years of my life!

Chriso Wiese

It would be fair to assume that it is highly unlikely that he [Markus Jooste] could’ve acted entirely on his own…

Chriso Wiese

Markus’s style was certainly not Whitey’s style… I ascribed it to no more than that.

Chriso Wiese

Don’t let me go on record making that kind of comment [when asked if his trust was betrayed].

Chriso Wiese

…I was naïve… I never heard from him [Jooste] again to this day…

Chriso Wiese

It is actually laughable… Christo Wiese knows there are shenanigans, but he invests R59 billion?! Do you think I am totally insane?

Chriso Wiese

Prominent people from around the world has told me, ‘Don’t let this break your self-confidence, or make you bitter’…

Chriso Wiese

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This article first appeared on 702 : Christo Wiese sues Steinhoff for R59 billion


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