Christo Wieses 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 Wieses 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 Wieses 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 chairmans fees in 2016.
Wieses announcement that his Titan Group had served summons on Steinhoff International Ho…
Read the full article at: https://www.businesslive.co.za/bd/companies/retail-and-consumer/2018-04-30-christo-wieses-r59bn-claim-will-give-him-a-say-in-restructuring/