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Steinhoff Ex-Chairman Sues For $6 Billion

Former Chairman of South-African furniture and homewares giant, Steinhoff, is suing the retail conglomerate US$4.8 billion (~A$6.35 billion), in a bid to recover investments made between 2015 – 2016.

Major shareholder and ex-Chairman, Christo Wiese, is suing the retail giant, after revelations over accounting irregularities caused company shares to dive over 90%.

According to the Bloomberg Billionaires Index, Wiese’s wealth has plummeted from over US$5 billion to ~US$2 billion.

Steinhoff Asia Pacific is the owner of local retailers such as; Freedom Furniture, Snooze, Poco and Fantastic Furniture.

As previously reported, both Wiese and Steinhoff Chief Executive, Markus Jooste, resigned shortly after German regulators launched an investigation into accounting irregularities.

The company has reportedly accrued debts over US$12 billion.

Steinhoff is reportedly assessing the claims of Mr Wiese.

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