CAPE TOWN - Former Chairperson of Steinhoff International, Christo Wiese reportedly said the €325m (R4.8 billion) version as up-front payments he received from the global retailer last year was legitimate.
The payments relate to an arranged merger between Shoprite Holdings and Steinhoff’s operations in Africa according to Fin24.
Meanwhile, Steinhoff claims that the two payments that Wiese received last year did not follow the correct procedures.
It is believed that the deals agreed upon were with entities related to Wiese in the weeks before the scandal of financial irregularities hit the company.
According to a statement from the company, Steinhoff said that it investigated the payments and is currently in the process of being reimbursed.
In a telephonic interview, the former chairperson reportedly told Fin24 that he received two payments for shares in Steinhoff Africa Retail.
The payments amount to €200m (R2.98 billion) and €125m (R1.86 billion). However, this agreement flopped and the chairperson reportedly agreed to return the cash.
Wiese also cleared reports that he requested Steinhoff to cover a margin call in December 2017.
Meanwhile, the global retailer came under fire last week on the payment of bonuses to some members of the board.
The group said its supervisory board took note of the concerns raised by stakeholders and has decided to delete sections relating to additional payments for independent directors from the resolution on director remuneration which is to be considered at the company’s annual general meeting (AGM) to be held on April 20.
Steinhoff was set to pay Steve Booysen and Heather Sonn an additional R2.91million each. Johan van Zyl was due to be paid a large amount or money.
- BUSINESS REPORT ONLINE