UPDATE 2-Steinhoff ex-chairman Wiese open to talks over $4 bln claim [Reuters]
SHOPRITE HLDGS LTD S/ADR (SRGHY)
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Source: Reuters
Steinhoff ex-chairman Wiese open to talks over $4 billion claim | Reuters 3 Min Read JOHANNESBURG (Reuters) - Former Steinhoff chairman and top shareholder Christo Wiese said on Monday he is open to negotiations over his $4 billion claim against the South African retailer, days after it revealed the scale of a devastating accounting fraud. Steinhoff said on Friday that an independent report had found it overstated profits over several years in a $7.4 billion fraud involving a small group of top executives and outsiders. It did not name the individuals but said those implicated were no longer employed by Steinhoff, which first disclosed the hole in its accounts in December 2017, knocking 90 percent off the value of its shares and triggering investor lawsuits. With a stake of about 20 percent which he bought in 2014 when he sold his clothing retailer Pepkor to Steinhoff in exchange for shares, Wiese was particularly hard hit by the crash in its stock price. “I would expect Steinhoff to
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News
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