Biggest African Billionaire Loser: Christo Wiese's net worth shrinks by half

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South African magnate Christo Wiese, Steinhoff's largest shareholder and chairman, listens during an interview in Cape Town, South Africa, September 27, 2016.

JOHANNESBURG – Retail tycoon Christo Wiese&39;s net worth has shrunk by almost R37-billion amid the impact of global clothing and furniture retailer Steinhoff&39;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.

 

 

READ: Embattled Steinhoff continues trading: JSE

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.

 

 

“That&39;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.