Dec 19, 2017

Steinhoff's former chair Christo Wiese in the spotlight

One person in the spotlight is Christo Wiese - Steinhoff's former chair and its largest shareholder. Mr Wiese was appointed chairman of Steinhoff in 2016 and had been a board member since 2013. Mr Wiese resigned from his post last week to ease concerns about possible conflicts of interest between being chairman while also being Steinhoff's biggest shareholder. Christo Wiese holds a 22% stake in the firm, a holding that came from the sale of his clothing retailer Pepkor to Steinhoff in 2014 for a combination of cash and shares. The scandal has prompted several unnamed banks to sell 98.4 million Steinhoff shares they used as security against a €1.6bn loan to Mr Wiese to fund his purchase of additional shares in 2016.

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