Steinhoff's biggest shareholder and former chair, Christo Wiese, feels betrayed by the disgraced furniture retailing giant's management and executives. The retailer, which once had ambitions of becoming the emerging-market version of Sweden's Ikea, has been on the brink of collapse since accounting irregularities came to light in December 2017. A PwC report alleges that under former CEO Markus Jooste, the company was found to have overstated its income through irregular transactions, fictitious profit and assets, over the course of nine years. "I do [feel betrayed]. These are people in whom not only I, but the board and all the shareholders and all the stakeholders, have placed huge trust," Wiese, who has personally lost billions from the collapse of the retailer's shares, said. Despite the more than 96% plunge in Steinhoff's share price since the scandal broke, Wiese said he had no intention of letting go of his 6.2% stake. "The PwC report makes it very clear that the executives na...
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