Steinhoff-Wiese: who needs to cough up?
Shoprite deal was aborted but €200m was not paid back
Billionaire Christo Wiese still owes embattled Steinhoff International some of the more than R5bn he received shortly before the company crashed in December 2017, its long-awaited 2017 financial results show. But as Wiese is suing the company for R59bn, he is holding on to it for now. "We are in litigation and I doubt you'll get much comment from me or them about the matter at the moment," he told Business Times this week. It has been more than 17 months since the meltdown in Steinhoff shares after the postponement of the company's results due to "accounting irregularities" and the resignation of former CEO Markus Jooste. Wiese was the company's chair and largest investor at the time. Steinhoff has been selling assets, herding creditors into lock-up agreements and cutting costs to stay afloat in the wake of the accounting scandal that has forced the company to revise the assets on its books downwards by R290bn. The collapse wiped out a sizable chunk of Wiese's fortune, but it also d...
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