CHART: Christo Wiese's 2017 losses dwarf GDP of 13 Africa countries

Johannesburg - Christo Wiese was one of Africa’s richest people. But in 2017, the former chairperson of scandal-hit Steinhoff International [JSE:SNH] lost more wealth than the gross domestic product of at least 13 of the continent’s countries.

The billionaire is the biggest shareholder in the furniture and clothing company, which has plunged more than 90% this month amid accounting irregularities.

Steinhoff's attempts to regain investor and creditor trust have fallen flat. More than two weeks after disclosing accounting irregularities, delaying its results and announcing the departure of its chief executive officer, the South African furniture and clothing retailer remains locked in a downward spiral.

And with auditors PricewaterhouseCoopers still digging into Steinhoff’s accounts, many questions remain unanswered.

Former CEO Markus Jooste, who resigned on December 5 amid an accounting scandal, was Wiese's protege.


Wiese's woes


* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER

ZAR/USD
17.14
(-0.96)
ZAR/GBP
21.37
(-0.76)
ZAR/EUR
19.30
(-0.52)
ZAR/AUD
11.87
(-0.27)
ZAR/JPY
0.16
(-0.67)
Gold
1776.78
(-0.45)
Silver
18.02
(-1.32)
Platinum
822.00
(+0.24)
Brent Crude
43.07
(+0.70)
Palladium
1928.00
(+0.08)
All Share
54850.08
(+0.01)
Top 40
50509.26
(+0.01)
Financial 15
10052.72
(-0.81)
Industrial 25
76715.45
(+0.37)
Resource 10
51082.86
(-0.12)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
I'm not really directly affected
18% - 1681 votes
I am taking a hit, but should be able to recover in the next year
23% - 2196 votes
My finances have been devastated
34% - 3261 votes
It's still too early to know what the full effect will be
25% - 2378 votes
Vote