RON DERBY: Christo Wiese is fooling no one, he is just looking out for himself
By suing Steinhoff Wiese wants to switch the tale of collapse
It's been another torrid week for Steinhoff International, with the German-listed company's shares trading at record lows and this week alone falling more than 16% as lawsuits continue to pile up. GT Ferreira, one of the founders of FirstRand - owner of FNB - joined the list of unhappy shareholders seeking justice after losing more than a billion rand from the collapse of the retailer in what's the biggest corporate scandal in South Africa's modern history. Braam van Huyssteen, the Tekkie Town founder and, I guess, now former horse racing peer of Steinhoff's disgraced former CEO, Markus Jooste, is also suing for being duped into selling his company to Steinhoff. Of the many tales of corporate skulduggery in recent years, nothing comes close to Steinhoff in monetary terms. Whatever the outcome of the final restructuring plan, these plaintiffs seem to seek a claim on the assets of value, which basically amounts to its South African assets, Pep and Ackermans. Which is what Christo Wies...
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