April 26, 2018 / 1:17 PM / a month ago

Former chairman Wiese sues Steinhoff for $5 billion

JOHANNESBURG, April 26 (Reuters) - South African businessman Christo Wiese has launched a $5 billion lawsuit against crisis-hit Steinhoff, a retail company in which he was a board member and biggest shareholder until earlier this year, his company Titan Group said.

Wiese resigned as chairman in December last year, days after Steinhoff uncovered accounting irregularities that sent its shares crashing.

$1 = 12.3600 rand Reporting by Tiisetso Motsoeneng Editing by Alexandra Hudson

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