South African billionaire Christo Wiese lost half his fortune when the furniture retail company Steinhoff, of which he was chairman at the time, was rocked by an auditing scandal that saw their profits being misrepresented to shareholders and investors in 2017. It saw its then-CEO Markus Jooste resigning in a hurry before an investigation could be instituted. Wiese's hopes of recouping some wealth he lost, has been rebuffed by retailer Shoprite of which he is the company founder, after he wanted U.S.$224 098 766,10 for his high-voting shares.
Shoprite Turns Down the Idea of Paying Christo Wiese R3.3 Billion for His High-Voting Shares
Daily Maverick, 4 June 2019
The Shoprite board has announced that it could not get sufficient shareholder support for buying the high-voting shares of the company's founder Christo Wiese, valued at R3.3bn.… Read more »
Steinhoff between 2009 and 2016, apparently created fictitious profit-boosting schemes totalling R106 billion, which is just under three times the net profit of the company over ... Read more »
The Steinhoff collapse, considered to be the biggest corporate scandal the country has ever seen, has the firm now selling their stakes in various companies, to pay creditors. ... Read more »
Steinhoff International is a retail holding company dealing mainly in furniture and household goods. In 2017 the shock resignation of CEO Markus Jooste prompted an investigation ... Read more »
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