How South African Billionaire Christo Wiese Sued His Way Back Into The Billionaire Ranks | Forbes
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- čas přidán 5. 09. 2024
- Christoffel “Christo” Wiese exudes an air of calm that betrays no hint of the chaos that turned his world turned upside down for more than four years.
In December 2017, the then-76-year-old South African billionaire was informed about serious accounting fraud at retailer Steinhoff International, where he was both chairman and the largest shareholder. Those irregularities turned out to total $7.4 billion in falsified transactions over a span of nine years from 2009 to 2017, a PwC investigation found-making the Steinhoff affair the South African equivalent of the 2001 Enron debacle.
Steinhoff International had acquired Wiese’s discount clothing retailer, Pepkor, in 2015 for $5.7 billion in stock and cash; and he became its chairman a year later in May 2016. Wiese stepped down as chairman in mid-December 2017, soon after the accounting fraud was made public. While it was eventually proven that Weise had no role in the fraud, the 90% drop in the share price of Steinhoff-by far Wiese’s most valuable asset-pummelled his fortune, from an estimated $5.6 billion in March 2017 to $1.1 billion on the 2018 Forbes list of Africa’s billionaires and then off the ranks altogether by the time Forbes’ World Billionaires list came out a few months later that year.
Now, following a multi-year legal battle that ended in a $500 million settlement consisting of cash and stock, Wiese is back on Forbes’ newly released 2023 list of Africa’s billionaires, tied at No. 18 with an estimated net worth of $1.1 billion.
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![[FROM THE ARCHIVES] The Steinhoff Swindle | Carte Blanche | M-Net](http://i.ytimg.com/vi/RtOdJ7C2A4Y/mqdefault.jpg)
![[FROM THE ARCHIVES] The Steinhoff Swindle | Carte Blanche | M-Net](/img/tr.png)
![[FROM THE ARCHIVES] Christo Wiese on Steinhoff | Carte Blanche | M-Net](/img/n.gif)
Misleading title
Thought as well
South african *RESIDENT* billionaire
?
Come on Forbes you're better than this, click bait really??
The title is not click bait.
There are many black billionaires and millionaires in South Africa 🇿🇦
Nope, not black & billionaires, because the system is rigged
What is your point?
The government made the Blacks billionaires through tenders. A very unfair system to create black billionaires.
Wiese must have popped a champagne cork yesterday March 20 after the news that Markus Jooste committed suicide.
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Mr Wiese burnt his fingers through greed.😊
YOU ARE TOTALY WRONG my friend of 51 years is
compationet helpful hardworking wellmannert dedicated familyman he is now very much content in his situation don't anyone belittle him !!!!!
he thought he could get away with it...
@@Peter-bg1kuyou're ignorant.
Let's hear your thoughts on the matter Mr Albert Enstein
But how it so easy for white humans too become billionaires in the black humans continents of Africa ????
There are black billionaires in Africa so many of them. The richest black man on the planet is from Africa, Nigeria precisely, Aliko Dangote. its not easy to be a billionaire.
They are gate keepers of Western capital in Africa thats why.
When are baby boomers going to retire so Gen X can get money?
Hi
Not an african man.
you mean not ethnically african? so what?
@@AJBNord so nothing he just isn't african . Ethically ,culturally not in any aspect but his geographical location ,white South african culture only relates to Europe there is nothing african about it
@@theblackgods4699 so? He is South African. Why would you bring up the fact that he is not ethnically African?
@@theblackgods4699 he belongs to the Afrikaans ethnic group, the word African is literally in the name
@@theblackgods4699 up to 10% african genome in many afrikaans speaking 'settlers'. so he might be atleast 10% african by your standards 🙃😉. I guess it makes him one of the foremost African men , resourcefully speaking
First comment, here take it.