SA's competition rules have forced Christo Wiese to move his investments offshore
Retail tycoon Christo Wiese is angered by suggestions that the planned merger of Steinhoff and Shoprite supposedly to create an African retail giant is part of a larger strategy to transfer his wealth out of South Africa
Wiese, South Africa's richest person - worth R81-billion according to last year's Sunday Times Rich List - is the chairman and largest shareholder of German-listed retailer Steinhoff and controlling shareholder and chairman of Shoprite. The announcement before Christmas that the two companies were in talks about combining their African operations to form a continental retail giant fuelled speculation that Wiese has lost faith in the country and is getting his money out at every opportunity. He sold his Pepkor group to Steinhoff two years ago. If the Steinhoff/Shoprite deal is approved then most of what he owns will be housed outside South Africa. He concedes that this is "fair" comment but says it is "nonsense" to suggest the merger is part of a deliberate disinvestment strategy to transfer his wealth out of the country for political reasons. "This is nonsense that I have to deal with all the time about divesting from South Africa. It is just nonsense. Steinhoff is listed in Frankfu...
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