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Wiese Sees Ray Of Light After Losing Billions On Steinhoff

Published on Feb 28 2018 9:00 AM in Retail tagged: Trending Posts / shoprite / Steinhoff / Christo Wiese / Paywall

Wiese Sees Ray Of Light After Losing Billions On Steinhoff

Christo Wiese lost more than $2 billion when Steinhoff International plunged, following the discovery of accounting irregularities. Luckily for him, he’s still the biggest investor in Shoprite, an African supermarket giant whose shares are at a record high.

Shoprite, which announced higher profit this week, advanced about 40% in the past year, softening Wiese’s financial blow from the Steinhoff collapse and providing him with an easy-to-sell asset when he needed cash.

The $1.9 billion stake now makes up the majority of his depleted $2.5 billion fortune, according to the Bloomberg Billionaires Index.

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