Christo Wiese: From billionaire to millionaire, as Steinhoff shatters his wealth #2020 in review
Christo Wiese was once one of the world’s richest men, but his involvement in Steinhoff ultimately led to his vast fortunes being wiped out. Bloomberg estimates his worth at around $255m – which is still very comfortable, but a far cry from his standing in the rich list earlier this decade. In 2016, Forbes described Wiese as one of the planet’s wealthiest people, with a $5.8bn fortune. “More than 60% of his wealth is in Shoprite and Steinhoff, while another 30% or so comes from his shares of Brait, an investment vehicle Wiese uses to buy other companies, many of them outside South Africa. His stock in Tradehold, a real estate firm, accounts for much of the remaining 10%,” Forbes reported at the time. In 2017, an accounting scandal erupted at South African multinational Steinhoff. The German authorities revealed they were investigating irregularities on a grand scale, prompting
Dec. 21, 2020 5:30 am ET
Internal auditors are testing their companiesâ controls over key processes and procedures earlier than normal and reevaluating risks as they deal with a wider range of issues that could imperil the business during the coronavirus pandemic.
Internal auditors assess companiesâ risk management, governance policies and control mechanisms, whereas external auditors evaluate the accuracy of financial reporting.
Newsletter Sign-up CFO Journal
PREVIEW
SUBSCRIBE
Internal auditors do their work by examining documents and interviewing executives and other employees, while also monitoring how people execute certain strategies. They review their companyâs exposure to external risks such as cybersecurity or climate change and help with operational issues by, for example, suggesting cost cuts to reduce risks to the balance sheet.
Pepkor comes through for its indebted executives The retailer has met obligations of more than half a billion rand for executives that borrowed money to buy shares in Steinhoff 18 December 2020 - 14:56 Warren Thompson Picture: BLOOMBERG/WALDO SWIEGERS
Pepkor, SA’s largest non-grocery retailer, has met all obligations relating to the debts of its executives that borrowed money to buy Pepkor shares that were later exchanged for Steinhoff shares before news of former Steinhoff International CEO Markus Jooste’s departure collapsed the Steinhoff share price, along with the collateral of banks involved in the deal.
The admission that a bridge loan facility equivalent to R519m was advanced by Pepkor to Business Venture Investments No. 1499 (BVI) to settle a loan provided by Rand Merchant Bank (RMB), a division of FirstRand Bank, was made in the notes accompanying the financial statement of Steinhoff Investment Holdings published on Friday.
DGAP-News: Steinhoff International Holdings N.V. : STEINHOFF PROPERTIES
vom 18.12.2020, 13:20 Uhr
Bild: pixabay.com
Steinhoff International Holdings N.V. : STEINHOFF PROPERTIES
18.12.2020 / 13:20
STEINHOFF PROPERTIES
Company and with its subsidiaries, the
Steinhoff
Group ). Shareholders of the Company, and holders of the cumulative, non-redeemable, non-participating, variable rate preference shares issued by Steinhoff Investments Holdings Limited, are referred to the SENS announcement published by Pepkor Holdings Limited (
Pepkor ) today (
Pepkor Announcement ).
The Steinhoff Group commenced a process post March 2019 to dispose of the remaining properties in the African property portfolio. Management considered various disposal options in order to optimise the balance sheet and unlock value for stakeholders. The disposal portfolio consists of retail, office, warehouse, vacant land and residential properties, which includes p
Steinhoff Investments swung into a full-year loss
By Sandile Mchunu
Share
DURBAN - Steinhoff Investment Holdings, a wholly-owned subsidiary of Steinhoff International Holdings, on Friday swung into a full-year loss of R13.68 billion for the year to end September, negatively impacted by impairments and Covid-19 outbreak in its operations.
The group reversed a profit of R3.94bn it reported last year.
Steinhoff Investments said it recorded total impairments of R5.1bn during the financial year.
The group also made a provision of R9.4bn in respect of litigation settlement proposal and a foreign exchange loss of R5bn was recognised on the Steinhoff International Holdings Proprietary Limited contingent payment undertaking (SIHPL CPU) liability.