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Conservatorium one step closer to Christo Wiese's Steinhoff claim

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Christo Wiese has become the subject of a claim by lenders: Getty Images
Christo Wiese has become the subject of a claim by lenders: Getty Images

Christo Wiese’s bid to claw back R59 billion from Steinhoff Int has hit a roadblock following the Western Cape High Court’s judgment enabling his lenders to be part of Wiese’s litigation against the discount retailer.

Wiese launched a civil claim against Steinhoff in 2018, making his one of the largest of 90 claims the discount furniture is facing, stemming from its accounting irregularities discovered in 2017 that saw its share price plunge by more 89% in the past three years. According to court documents, Wiese is suing the retailer because the shares he had received from it in exchange for his Pepkor shares were not true to value because of Steinhoff's dishonesty.

Steinhoff has since proposed to settle the claims with R16.5 billion in cash and shares in its subsidiary Pepkor against the claims, which amount to more than R134 billion. 

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