Sars boss may have to stay on Shoprite board
Complex nature of proposal before Shoprite shareholders could result in longer tenure for Edward Kieswetter
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...
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