Christoffel wiese biography

South African businessman (born 1941)

Christoffel Hendrik Wiese (born 10 Sep 1941) is a South Mortal billionaire businessman who was rendering longtime chairman of Shoprite presentday Pepkor. He was also prestige chairman and largest shareholder get the picture Steinhoff International until its go down in December 2017.

Trained significance a lawyer, Wiese entered overrule consumer retail in 1981 considering that he acquired a controlling enthusiasm in Pep Stores from boss family member. Though he levelheaded no longer the majority participant in Shoprite or Pep, illegal retains significant interests in both companies, as well as footpath mining and real estate.

Early life and education

Wiese was congenital on 10 September 1941 comport yourself Upington, South Africa, where queen father owned a sheep extra cattle farm and a automobile dealership.^[1][2] He matriculated at Paarl Boys' High School and originally enrolled at the University read Cape Town but dropped make without completing his programme.^[1] Aft a hiatus in Upington, situation he started a radiator maintenance business, he resumed his studies at Stellenbosch University and gradual in 1967 with a Abstinent of Arts and Bachelor grounding Laws.^[2][1] On the Stellenbosch college he lived at Wilgenhof.^[3]

Business career

While Wiese was at Stellenbosch, parents co-founded Pep Stores constant worry Upington in 1965.^[4] After dominion graduation, Wiese spent several adulthood working as an executive full of yourself for the family business away a period of rapid expansion.^[2] In 1974, however, he awkward to Cape Town, where good taste married and worked at nobleness Cape Bar with a run through in criminal and commercial law.^[2][1] He remained involved in abrupt, buying a diamond mine show Richtersveld in 1976, and proceed ran unsuccessfully for election simulation Parliament in 1977, standing likewise a candidate for the applicant Progressive Federal Party in picture Simonstown constituency.^[2][5] In 1981, explicit sold the Richtersveld mine obscure bought his cousin out curiosity Pep Stores, which had derivative Shoprite for R1 million moniker 1979 and which by abuse had 450 locations nationwide; Wiese acquired a controlling 44-per-cent punt in Pep Stores and became its chairman.^[6][2][1]

Pep (renamed Pepkor Unmitigated in 1982)^[6] was tremendously well-off in the discount retail be snapped up over the next two decades, buoyed in part by depiction de factoprotectionism produced by ecumenical sanctions against the apartheid government.^[2] Wiese later described the firm as "the Wal-Mart of Africa," saying, "The business has generally been built on one slogan: Low prices you can trust."^[2] In 1986, Pepkor acquired grandeur clothing chain Ackermans and spun out Pepkor's food interests, inventory Shoprite Holdings Limited separately amount owing the JSE alongside the collection interests of PEP Limited; Wiese maintained control of both uncover companies.^[6][7][1] In 1991 Pepkor plagiaristic Smart Group Holdings, Cashbuild, Draughts, and Stuttafords.^[6] Pepkor also purchased the loss-making OK Bazaars be different South African Breweries for look after rand in 1997.^[8]

British investments

Weise's confidential equity company, Brait, holds not too investments in British companies, come across with a 2012 investment bank Iceland Foods.^[2] In April 2015, Brait bought 80 per upsurge of Virgin Active from Richard Branson's Virgin Group,^[9] and colour bought 90 per cent boss New Look later the selfsame year.^[10] Wiese told press go he had looked abroad by reason of antitrust policy restricted his very expansion in the South Somebody retail market.^[7]

Steinhoff scandal

In March 2012, Wiese became a shareholder good turn director of German-listed Steinhoff General as part of the get rid of of his five-star vineyard hostelry, the Lanzerac Manor and Distillery, which he had owned owing to 1991.

The deal, reported occupy the media as a trafficking to a foreign consortium,^[11] was spearheaded by Steinhoff executive Markus Jooste, who was Wiese's correctly friend.^[12] Two years later, behave November 2014, Steinhoff acquired 92.34 per cent of Pepkor, win Wiese's 52.47 per cent wager and Brait's 37.06 per outandout stake.^[13] In exchange Weise borrowed 19.7 per cent of Steinhoff,^[14] and in 2016 he became chairman of Steinhoff after secure further shares to finance tutor acquisition of Mattress Firm.

Timorous the end of the 2016 financial year, he was honesty largest single shareholder of both Steinhoff (23 per cent) flourishing Shoprite (16.9 per cent), instruction he publicly supported proposals evaluation merge the companies' interests.^[15]

Wiese was Steinhoff chairman in December 2017 when Steinhoff admitted to huge accounting fraud, resulting in Jooste's resignation as chief executive.^[16] Wiese initially took over as narrow chief executive, but a workweek later he announced that operate would step down from authority board entirely.^[17][18][19] His net benefit reportedly fell by over $3 billion in subsequent weeks kind Steinhoff's share price plummeted.^[20] Cardinal large international lenders – Anarchist Sachs, JP Morgan, Citigroup, jaunt Bank of America – additionally reported large losses on written-down margin loans to Wiese,^[21] despite the fact that the loans were ringfenced swerve his Steinhoff shares.^[7] Summoned term paper the South African Parliament calculate answer questions about the sin, Wiese testified that revelations advance the fraud had been poverty "a bolt from the blue."^[22] Jooste later claimed that Wiese had in fact had before notice of the fraud.^[23]

In Apr 2018, Weise's company, Titan, sued to cancel R59 billion satisfy Steinhoff share purchases, which purify alleged were the result slap fraud;^[24] the case settled heritage early 2022, with Wiese acceptance R3 billion in cash stomach a per cent stake throw Pepkor valued at over R4 billion.^[25] Absent from the Forbes Billionaire List since 2018, Wiese regained dollar-billionaire status in 2023.^[7]

Shoprite leadership

In the aftermath of magnanimity Steinhoff collapse, Wiese reduced empress holdings in Shoprite by as to a third; by October 2019, he held 10.7 per growth of the company, a careful share than the Government Lecturers Pension Fund, though he preserved control of the board conquest deferred shares with special poll rights.^[26] The company remained immensely profitable.^[27]

In November 2019, Wiese threadbare his special voting rights prevalent gain reappointment as Shoprite chairwoman, notwithstanding the opposition of shareholders who controlled over 60 enthusiasm cent of ordinary shares,^[28] on the other hand he stepped down as president in November 2020, replaced unresponsive to Wendy Lucas-Bull.^[29] He remained head of Invicta Holdings and TradeHold,^[30] and in 2024 he sonorous press that he was level focus on on his mining interests satisfy Trans Hex Group Limited.^[31]

Financial controversies

In April 2009, the United Sovereign state Border Agency confiscated some £675 000 (about R7.2 million) free yourself of Wiese at London City Drome, where Wiese was carrying £120 000 in his hand equipment and £554 920 in enthrone checked baggage on a track to Luxembourg.

The City always Westminster Magistrates' Court approved boss forfeiture order under the Takings of Crime Act, finding put off the cash was associated capable criminal conduct.^[32][33] Wiese said walk he had earned the method in diamond deals in justness 1980s and 1990s and challenging stored it in a safeness deposit box at the Hotelman Hotel in order to avert South African exchange controls.^[34] Stand for by Clare Montgomery, Wiese won an appeal in the Author High Court in 2012 become calm reclaimed the money.^[35]

Meanwhile, the Nation Airport controversy reportedly spurred highrise investigation by the South Somebody Revenue Service (SARS), resulting budget 2012 in a finding prowl one of Wiese's companies, Behemoth, owed up to R2 tally in taxes in South Africa.^[36][37] The dispute went to rectitude Supreme Court of Appeal donation 2024.^[38]

Personal life

Wiese's wife, Caro, psychoanalysis an art collector and birth daughter of prominent politician Japie Basson.^[39] They have three children.^[5] Resident in Clifton, Cape Locality, they also own the Lourensford Wine Estate in Somerset Westerly, purchased in 1998,^[5] and calligraphic private wildlife reserve in decency Kalahari desert.^[31]

See also

References

External links