JOHANNESBURG – Retail tycoon Christo Wiese's net worth has shrunk by almost R37-billion amid the impact of global clothing and furniture retailer Steinhoff's financial woes.
Steinhoff share prices plummeted over 60 percent, wiping out more than a R100-billion following the resignation of CEO Markus Jooste amid a probe into alleged accounting irregularities.
Billionaire Christo Wiese's Terrible, Horrible, Very Bad Year pic.twitter.com/4GJqgDrzQC— Renee Bonorchis (@Reneebon) December 6, 2017
According to Forbes real-time ranking of the world’s billionaires, Wiese saw his net worth decrease by $2.7-billion, which equates to about 72.3 percent loss to his wealth.
He is now worth more than just above $1-billion.
As equity investors pummel Steinhoff, bondholders and banks are assessing the retailer’s ability to repay debt. The company, which has had about 140 billion rand wiped off its market value in two days, needs to pay 620 million rand in principal and interest on Dec. 12 pic.twitter.com/x6tFsewRhH— Renee Bonorchis (@Reneebon) December 7, 2017
“That's down more than $4-billion from March 2017, when he was worth $5.6-billion,” Forbes wrote on their website on Wednesday.
The 76-year-old Wiese, who is Steinhoff’s chairman, will take over the running of the company on a temporary basis after former CEO Markus Jooste resignation.