The Steinhoff share price continued to collapse on Thursday morning, dropping another 32% to R11.95 following the wipe-out of 60% of the share’s value on Wednesday. The market value of Steinhoff has been cut by more than R150bn this week dropping to an all time low of just R76bn. At the share price’s current, record low level there are growing questions about the status of executive chairperson Christo Wiese’s personal wealth. Just one week ago Wiese could claim to be one of the country’s wealthiest five individuals. If market speculation is correct and Wiese used debt to acquire part of his 30% stake (as at end-November) in Steinhoff, after this week’s bloodbath he may not even feature on the list of the top 100. While Wiese looks set to suffer a massive dent to his wealth, unless Steinhoff’s supervisory board can somehow pull off a miracle and stop the share price’s nosedive, most South Africans with exposure to the JSE will be affected. The Public Investment Corporation, which in...

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