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Brait falls sharply on Steinhoff woes

Shares down 6%.

Shares in Brait, a South African investment heavyweight in which tycoon Christo Wiese owns about a third of its stock, slumped 6% 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% after revealing accounting irregularities and its CEO quit, shocking investors and tarnishing Wiese’s image as one of South Africa’s most respected stewards of shareholder capital.

 

Brait share performance

 

Read: Steinhoff shares plunge after CEO Markus Jooste quits

Read: The extent of Steinhoff’s value destruction

Read: Steinhoff shareholder wants to see ‘huge effort’ to publish results

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It is unreasonable for the writers of this article to assume that Dr. Wiese’ image as a ‘respected steward of shareholders capital’ is now tarnished. Even though I have taken a knock from this negative event I still hold him in high regard and don’t see him as responsible for what has happened. Almost everybody was caught off guard. In fact, I feel a lot better knowing that he has stepped in and is taking charge.

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