• Contact Us
  • About Us
  • Advertisement
  • Privacy & Policy
Sunday, May 11, 2025
SUBSCRIBE
The Brief | Namibia's Leading Business & Financial News
26 °c
Windhoek
22 ° Wed
25 ° Thu
  • Home
  • Companies
    • Finance
    • Agriculture
    • Technology
    • Property
    • Trade
    • Tourism
  • Business & Economy
  • Mining & Energy
  • Opinions
    • Analysis
    • Columnists
  • Africa
  • e-edition
No Result
View All Result
The Brief | Namibia's Leading Business & Financial News
  • Home
  • Companies
    • Finance
    • Agriculture
    • Technology
    • Property
    • Trade
    • Tourism
  • Business & Economy
  • Mining & Energy
  • Opinions
    • Analysis
    • Columnists
  • Africa
  • e-edition
No Result
View All Result
The Brief | Namibia's Leading Business & Financial News
Subscribe
No Result
View All Result
TB image banner 750x140
Home Latest

Christo Wiese receives R7 billion payout from Steinhoff

by editor
February 17, 2022
in Latest
47
A A
57
SHARES
954
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

You might also like

Know your winter vegetables and how to grow them

What Namibia can learn from Brand South Africa

Pupkewitz Megabuild leads April 2025 affordability

Steinhoff’s former chairperson Christo Wiese has received cash and a Pepkor stake worth more than R7 billion from Steinhoff as part of a settlement.

Wiese confirmed that he received the assets earlier this week.

In January, a court approved Steinhoff’s financial settlement with claimants, which the retailer hopes will draw a line under an accounting scandal linked to its former CEO Markus Jooste.

Wiese confirmed to Netwerk24 that he received cash and a 5% stake in Pepkor, which is currently worth more than R4 billion.

In return for dropping all current and future legal challenges against the retailer, claimants will share a “pot” of about 1.43 billion euro (roughly R25 billion), with payouts differing according to which of the three classes they belong to. Claimants are receiving cash and shares in Pepkor.

Wiese used to own 52% of Pepkor before he exchanged it for a stake of 20% in Steinhoff in 2014, when he sold Pepkor to the group.

His shares in Steinhoff lost more than 95% of their value after corporate fraud was uncovered. He has since sold his entire holding in the company.

In 2019, Wiese put in a US$4 billion claim with Steinhoff for his losses. But as part of the settlement, Wiese agreed to much less.

“It cost me a lot of money, but given my age, I decided that I didn’t want to be in litigation for the next seven years, so I made the concession,” Wiese said.

While this chapter of his Steinhoff saga is now ending, Wiese says he is now waiting for the perpetrators to be held responsible in court.

“Those of us who suffered damage will exert pressure that the right things are done.”

He said that Steinhoff is “deadly serious” about pursuing Jooste.

Wiese defended the South Africa’s National Prosecuting Authority, which has not yet brought Jooste to book, saying that it took the German authorities five years to prepare charges in the Steinhoff case. -fin24

author avatar
editor
See Full Bio
Tags: africa news
Share23Tweet14Share4
Previous Post

Oil hits 7-year highs

Next Post

Erongo region receives highest funding from DBN

Recommended For You

Know your winter vegetables and how to grow them

by editor
May 2, 2025
0
Know your winter vegetables and how to grow them

By Hanks Saisai Wintertime offers an opportune time for farmers to grow a variety of cool weather loving crops. Vegetables grown at the right time typically thrive and...

Read moreDetails

What Namibia can learn from Brand South Africa

by editor
April 22, 2025
0
What Namibia can learn from Brand South Africa

#image_title By Alvaro Mukoroli At the recent MTC Branding and Marketing Indaba, Sithembile Ntombela from Brand South Africa delivered a powerful presentation on nation branding—sharing how the initiative...

Read moreDetails

Pupkewitz Megabuild leads April 2025 affordability

by editor
April 20, 2025
0
Pupkewitz Megabuild leads April 2025 affordability

April 2025's hardware price survey reveals significant shifts in pricing across Windhoek’s leading hardware retailers. Pupkewitz Megabuild continues to offer the most affordable prices, maintaining its position as...

Read moreDetails

FNB, Namibia Breweries, Standard Bank Namibia recognised as top taxpayers

by editor
April 9, 2025
0
FNB, Namibia Breweries, Standard Bank Namibia recognised as top taxpayers

First National Bank of Namibia (FNB), Namibia Breweries Limited (NBL), and Swakop Uranium have been recognised among the country’s top taxpayers at the Namibia Revenue Agency’s (NamRA) 2025...

Read moreDetails

DBN secures N$1.5 billion AfDB loan for green energy and women led businesses

by editor
April 7, 2025
0
DBN secures N$1.5 billion AfDB loan for green energy and women led businesses

The Development Bank of Namibia (DBN) has secured a N$1.5 billion loan from the African Development Bank (AfDB) to finance projects in renewable energy, agricultural value chains, and...

Read moreDetails
Next Post
Erongo region receives highest funding from DBN

Erongo region receives highest funding from DBN

Related News

Foreigners owe Namibian banks N$7.6bn

Foreigners owe Namibian banks N$7.6bn

November 1, 2022
NSA 2023 unemployment determination methodology change questioned  

NSA 2023 unemployment determination methodology change questioned  

January 29, 2025
Proposed changes to JSE listings

Proposed changes to JSE listings

October 28, 2022

Browse by Category

  • Africa
  • Agriculture
  • Analysis
  • Business & Economy
  • Columnists
  • Companies
  • Finance
  • Finance
  • Fisheries
  • Green Hydrogen
  • Health
  • Investing
  • Latest
  • Market
  • Mining & Energy
  • Namibia
  • News
  • Opinions
  • Property
  • Retail
  • Technology
  • Tourism
  • Trade
The Brief | Namibia's Leading Business & Financial News

The Brief is Namibia's leading daily business, finance and economic news publication.

CATEGORIES

  • Business & Economy
  • Companies
    • Agriculture
    • Finance
    • Fisheries
    • Health
    • Property
    • Retail
    • Technology
    • Tourism
    • Trade
  • Finance
  • Green Hydrogen
  • Investing
  • Latest
  • Market
  • Mining & Energy
  • News
    • Africa
    • Namibia
  • Opinions
    • Analysis
    • Columnists

CONTACT US

Cell: +264814612969

Email: newsdesk@thebrief.com.na

© 2024 The Brief | All Rights Reserved. Namibian Business News, Current Affairs, Analysis and Commentary

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • Companies
  • Mining & Energy
  • Business & Economy
  • Opinions
    • Analysis
    • Columnists
  • Africa

© 2024 The Brief | All Rights Reserved. Namibian Business News, Current Affairs, Analysis and Commentary

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.