Ann Crotty Writer-at-large

Edward Kieswetter, who has been untangling himself from corporate positions ahead of taking over the SA Revenue Service (Sars), may have to stay on Shoprite’s board for several months while the high-profile proposal to repurchase deferred shares owned by Christo Wiese is being finalised. Kieswetter, who as the lead independent director on the Shoprite board would have been responsible for leading the independent board’s deliberations on the proposed repurchase, told Business Day on Tuesday that he had sent a letter of resignation to Wiese, who is Shoprite chair. The commissioner, who was appointed by President Cyril Ramaphosa in March, said there was a "rather unfortunate" and "sinister theory that Christo Wiese is driving the process" that could see the repurchase of his 265-million Shoprite deferred shares in exchange for 20-million ordinary shares valued at about R3.5bn. The deferred shares control 32.3% of Shoprite’s votes. "It’s unfortunate some media reports are describing thi...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now