Retail tycoon Christo Wiese lost more than $2bn when Steinhoff International plunged following the discovery of accounting irregularities. Luckily for him, he’s still the biggest investor in Shoprite Holdings, whose shares are at a record high. Shoprite, which announced higher profit this week, advanced about 40% in the past year, softening Wiese’s financial blow from the Steinhoff collapse and providing him with an easy-to-sell asset when he needed cash. The $1.9bn stake now makes up the majority of his depleted $2.5bn fortune, according to the Bloomberg Billionaires Index. Africa’s largest grocer gave an upbeat outlook and raised the dividend. The shares jumped as much as 6.4% on Tuesday. The performance provided Wiese with a diversion from the questions swirling around Steinhoff, which still hasn’t explained the nature of the potential wrongdoing it disclosed in early December or how deep it goes. Shoprite is "a particular ray of light", Wiese, who chairs its board of directors, ...

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