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UPDATE 2-Steinhoff scandal knocks $12 bln off value in blow to tycoon Wiese [Reuters]

SHOPRITE HOLDINGS LTD (SRGHY)  More Company Research Source: Reuters
NASDAQ:AMEX Investor Relations: shopriteholdings.co.za/investor-centre.html
PDF UPDATE 2-Steinhoff scandal knocks $12 bln off value in blow to tycoon Wiese | Reuters Reuters Staff 4 Min Read * Scandal wipes out $12 bln of shareholder value * Shares extend fall, down a third in Joburg and Frankfurt * Sell-off hits top shareholder Wiese (Updates shares, adds detail) By Tiisetso Motsoeneng and Victoria Bryan JOHANNESBURG/BERLIN Dec 7 (Reuters) - Shocked Steinhoff shareholders have wiped more than $12 billion off its value since it revealed “accounting irregularities” and parted ways with its chief executive, in a dramatic fall from grace for the South African retailer. Once a must-have for investors who backed its reinvention as an international retail empire including brands such as Mattress Firm and Poundland under veteran CEO Marcus Jooste, Steinhoff shares fell by a third on Thursday, compounding the previous day’s more than 60 percent fall. This collapse also leaves South African tycoon Christo Wiese, Steinhoff biggest shareholder and chairman, seriously out of [Read more]

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