Wiese-related firm Brait falls sharply on Steinhoff woes

Shares in Brait SE, an investment heavyweight in which tycoon Christo Wiese owns about a third of its stock, slumped 6 percent on Wednesday in what one fund manager said was a knock-on effect from a sell-off in Steinhoff.

December 06, 2017 at 02:33 pm

Wiese and a delegation of Steinhoff executives appeared at a hearing into the Steinhoff scandal‚ which was held by three parliamentary committees — finance‚ public accounts and public service and administration. (REUTERS)

Shares in Brait SE, an investment heavyweight in which tycoon Christo Wiese owns about a third of its stock, slumped 6 percent on Wednesday in what one fund manager said was a knock-on effect from a sell-off in Steinhoff.

Wiese is the top shareholder in Steinhoff, which dropped nearly 70 percent after revealing accounting irregularities and its CEO quit, shocking investors and tarnishing Wiese image as one of South Africa's most respected stewards of shareholder capital.