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The extent of Steinhoff’s value destruction

R187 billion worth of value, gone.
Jayendra Naidoo, Chairman of Steinhoff Africa Retail and CEO Ben la Grange at the listing earlier this year. Picture: Moneyweb

The numbers are staggering.

Steinhoff has relieved shareholders of R187 billion worth of value since Friday afternoon (December 1 – see graph). The biggest shareholder, of course, is executive chairman, Christo Wiese. 

Source: IRESS

What happens next is anyone’s guess. The carnage has also spread to subsidiary Steinhoff Africa Retail, where CEO Ben la Grange, once the CFO of Steinhoff International Holdings, has resigned with immediate effect. 

Steinhoff Retail Africa

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Brait down 76%, Steinhoff down 85%. At this rate Mr Wiese is moving from the richest man in the country to a Sassa grant recipient at record speed. Somewhere along the way he will be passing Duduzane Zuma, who is going in the opposite direction(maybe for the same reason)…..

It does not make sense to me. I Wiese is a hard nosed businessman but from my experience of his dealings I don’t see him getting involved in cooking the books. Does not gel for me. There must be more here than meets the eye. He is way too sharp and way too wily to get his hands dirty with stuff like this.

But then again why does an esteemed businessman like Christo Wiese get caught smuggling cash from Heathrow Airport with a suitcase stuff with £600,000 around R11m) – by saying he is “balancing his investments and tax portfolio!!).
I never trusted him since that episode as it was blatant lie about sneaking cash out of a country – why not do a normal swift or eft transaction???

Perhaps a fortuitous collision between Christo and Duduzane?

End of comments.

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