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JOHANNESBURG (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.

Former chairman Wiese sues Steinhoff for $5 billion

JOHANNESBURG (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.

Shoprite Holdings Chairman Christo Wiese, whose companies also include Steinhoff International, speaks as Shoprite reported it’s results in Cape Town, South Africa, February 21, 2017. REUTERS/Mike Hutchings

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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