ANN CROTTY: Hard to think of Wiese as a victim
Is the system of corporate governance pointless?
The response to Christo Wiese’s announcement that he has instituted a R59bn claim against Steinhoff seems to be as much influenced by personal experience of the associated financial loss as any understanding of corporate law. Remarkably, Wiese continues to enjoy support from some investors who accept the line that he was duped by a canny and unscrupulous operator. "Why would Wiese have risked everything he built up over 50 years if he knew what Markus Jooste was up to?" is the typical response of his supporters. If Wiese can persuade the court to accept that version of events he may be able to recoup a portion of the R59bn as well as something of his previously formidable reputation. But it will be a long process and given all the other possible claims against Steinhoff — perhaps GT Ferreira and Thys du Toit will launch their own — there may not be much to go around. At present the more commonly held view is that Wiese, one of SA’s shrewdest businessmen, has to accept some responsib...
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