Companies in Christo Wiese's Titan Group have announced that they are suing embattled retailer Steinhoff for R59-billion rand, News24 reported on Thursday.
According to Reuters, here's a brief from the statement issued by the Titan Group.
* Costs in Christo Wiese's Titan Group lodges claims of R59-billion against Steinhoff.
* Claims relate to cash investments made by the Titan Group in Steinhoff in 2015 and 2016.
* Second claim relates to group's capital injection into Steinhoff in 2016 to enable it to meet its debt obligations at the time of its acquisition of us mattress firm.
* Companies claim cancellation of agreement entered into with Steinhoff in 2015 whereby the Titan Group subscribed for shares in Steinhoff.
* Wiese said his company is fully prepared to work with claimants to ensure Steinhoff remains and continues as sustainable company.
* In 2015 Titan subscribed for shares in Steinhoff following acquisition of Pepkor. The companies now claim repayment of the subscription amount.