Tuesday, 19 December 2017

Steinhoff's former chair Christo Wiese in the spotlight

Investors are meeting in London on Tuesday to decide the fate of household goods giant Steinhoff.

The firm owns 6,500 retail outlets in 30 countries, including the UK's Poundland and furniture chains Bensons and Harveys.

After revelations of accounting irregularities, Steinhoff's shares collapsed and executives resigned.

Now, shareholders must decide whether to keep Steinhoff afloat or sell off assets to recoup some money.

One person in the spotlight is Christo Wiese - Steinhoff's former chair and its largest shareholder.
He's one of South Africa's richest businessmen - and one of its most respected, with a reputation for having something of a Midas touch.

Mr Wiese holds a stake in investment firm Brait SE, which is a majority shareholder in several other UK businesses including Virgin Active and fashion retailer New Look.

But since the scandal emerged earlier this month, the fall in the value of his investments has wiped out a large chunk of his net worth.

BBC      News.

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