South African billionaire Christo Wiese cuts 70% stake in Steinhoff

Christo Wiese, the former chairman of Steinhoff International Holdings NV, has cut his financial stake in the retailer by 70 per cent, a move that may mean one of South Africa’s richest men is no longer the company’s biggest shareholder.

Wiese reduced his shares in Steinhoff, which is dealing with accounting irregularities, to 6.2 per cent from 21 per cent, according to a filing he made to the Netherlands’ Authority for the Financial Markets on Friday.

The Public Investment Corp., which manages state-worker pensions in South Africa, could become Steinhoff’s largest shareholder following Wiese’s action. At a hearing