Wiese cuts stake in retailer Steinhoff

FILE PHOTO: South African magnate Christo Wiese, Steinhoff's largest shareholder and chairman, listens during an interview in Cape Town, South Africa, September 27, 2016. Picture taken September 27, 2016. REUTERS/Mike Hutchings/File Photo

JOHANNESBURG- Former Chairman of Steinhoff holdings NV Christo Wiese has cut his take in the retailer to 6.2%, a move that could mean one of South Africa’s richest men is no longer the company’s biggest shareholder.

Wiese has reduced his shares in Steinhoff  to 21%, the retailer is currently dealing with account irregularities claims, internal investigations, inquires and their CEO Markus Jooste resigning after allegations of corruption surfaced.

The filing of the reduced stake, did not detail reasons for financial disposals to the  Netherlands’ Authority for the Financial Markets on Friday. According to data by Bloomberg, the Public Investment Corp (PIC) which manages state pensions was listed as the largest shareholder after Wiese with a 7.5% take in Steinhoff as of 31st of January.

Wiese who was a major player within Steinhoff claimed in hearings on Steinhoff collapse, that it was”  bolt from the blue”, the recent developments were news to him, claiming he had no prior knowledge of the irregularities and wrong doing within Steinhoff.

The billionaire with a estimated worth of $2,3 Billion had his worth slashed by half, as Steinhoff shares plummeted.

Bloomberg is reporting that Steinhoff has said Wiese had notified the company of his share disposal, adding that it isn’t able to comment on the reasons behind his action.

Photo Credit- Times Live

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