Invicta shuts dividend taps after huge tax settlement
The industrial holding company’s debt-to-equity ratio has spiralled after a R750m tax settlement
A R750m tax settlement has prompted Invicta, the industrial holding company chaired by Christo Wiese, to put dividends on hold until cash flows improve.
The suspension is yet another blow for Wiese, who is also a shareholder in Invicta and is seriously out of pocket. His biggest investment was wiped off with the implosion of Steinhoff while his investment house, Brait, is struggling to make money out of its UK clothing business, New Look. ..