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CHART: Christo Wiese's 2017 losses dwarf GDP of 13 Africa countries

Dec 27 2017 10:26
Rene Vollgraaff, Bloomberg News

Johannesburg - Christo Wiese was one of Africa’s richest people. But in 2017, the former chairperson of scandal-hit Steinhoff International [JSE:SNH] lost more wealth than the gross domestic product of at least 13 of the continent’s countries.

The billionaire is the biggest shareholder in the furniture and clothing company, which has plunged more than 90% this month amid accounting irregularities.

Steinhoff's attempts to regain investor and creditor trust have fallen flat. More than two weeks after disclosing accounting irregularities, delaying its results and announcing the departure of its chief executive officer, the South African furniture and clothing retailer remains locked in a downward spiral.

And with auditors PricewaterhouseCoopers still digging into Steinhoff’s accounts, many questions remain unanswered.

Former CEO Markus Jooste, who resigned on December 5 amid an accounting scandal, was Wiese's protege.


Wiese's woes


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Steinhoff International, once the darling of fund managers, risks falling out of the JSE top 100.
 

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