An Enron-like accounting scandal at South Africa-based furniture group Steinhoff International wiped out billions of retail tycoon Wiese’s fortune. After a four-year battle, he’s back as one of Africa’s richest, and at peace with the world. Read more:
Asked about his ordeal last week, Wiese described his initial reaction–and what he’s grateful for. “It came as a huge shock to discover that this [Steinhoff] fraud was in the core of the business,” Wiese recalled in a Teams video call from his office in Cape Town, South Africa.
In fact, Wiese had demonstrated supreme confidence in Steinhoff as a business . In September 2016, he borrowed $1.8 billion from banks to finance the purchase of more shares in Steinhoff, lifting his ownership stake from nearly 20% to 25%. To guarantee the loans, Wiese pledged the vast majority of his Steinhoff shares as collateral. When Steinhoff stock tanked at the end of 2017, the banks took control of his shares.
Wiese was never in danger of losing his fortune entirely. Besides his Steinhoff stake, he owns more than 10% of listed supermarket chain Shoprite Holdings, Africa’s largest retailer–a kind of South African Walmart, with a hard focus on low prices. It had $10.7 billion revenues in the most recent fiscal year, 145,000 employees and nearly 3,000 stores across southern Africa.
Wiese’s journey to become Africa’s biggest retail tycoon took a meandering path. After attending Stellenbosch University, he started working for his cousin’s husband’s discount firm PEP in 1970. Four years later he decided he wasn’t good at working for someone else, and wanted a job that required less hours so he could start a family.
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How South Africa’s Christo Wiese Sued His Way Back Into The Billionaire RanksAn Enron-like accounting scandal at South Africa-based furniture group Steinhoff International wiped out billions of retail tycoon Wiese’s fortune. After a four-year battle, he’s back as one of Africa’s richest, and at peace with the world.
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