Steinhoff former chairman Wiese says PwC report supports his multi billion rand claim

SA billionaire Christo Wiese. (Photo: Bloomberg Video)
SA billionaire Christo Wiese. (Photo: Bloomberg Video)

Former Steinhoff International Chairman Christo Wiese says the retailer’s overview of a forensic probe into the company’s accounting irregularities supports his R59 billion claim against the company.

A report by PwC that was published last week found that a small group of former managers and non-Steinhoff executives structured deals that substantially inflated profits and asset values, according to a summary the company released late Friday.

Wiese, a South African billionaire and once Steinhoff’s biggest shareholder, lodged his claim in April, looking to claw back investments he made before the share price crashed when the accounting scandal emerged in late 2017.

“It’s clear from the report that this wasn’t just done over the last few years, but goes back a decade or more,” Wiese said by phone on Monday.

“Now it’s to follow the trail and see: If money was stolen, where did it go?”

Lawsuits against Steinhoff have piled up across three countries.

Wiese has said that while he believed the company was not in a position to pay, he was seeking a settlement that would benefit all stakeholders.

He said he had no desire to put Steinhoff in liquidation.

Wiese became Steinhoff’s largest shareholder when he sold Pepkor, Africa’s biggest clothing chain, to the company in 2015.

A Steinhoff representative declined to comment.

ZAR/USD
16.89
(-0.78)
ZAR/GBP
21.44
(-0.29)
ZAR/EUR
19.74
(-0.54)
ZAR/AUD
12.03
(+0.01)
ZAR/JPY
0.16
(-0.67)
Gold
1878.91
(-1.32)
Silver
23.35
(-4.34)
Platinum
851.00
(-2.40)
Brent Crude
42.24
(+0.55)
Palladium
2190.50
(-0.99)
All Share
53265.33
(-0.10)
Top 40
49126.16
(-0.05)
Financial 15
9570.37
(+0.53)
Industrial 25
71886.85
(+1.23)
Resource 10
52935.40
(-1.85)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Do you think it was a good idea for the government to approach the IMF for a $4.3 billion loan to fight Covid-19?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes. We need the money.
11% - 1342 votes
It depends on how the funds are used.
73% - 8757 votes
No. We should have gotten the loan elsewhere.
16% - 1930 votes
Vote