20°C / 22°C
  • Tue
  • 29°C
  • 15°C
  • Wed
  • 30°C
  • 16°C
  • Thu
  • 27°C
  • 15°C
  • Fri
  • 23°C
  • 15°C
  • Sat
  • 26°C
  • 15°C
  • Sun
  • 25°C
  • 14°C
  • Tue
  • 23°C
  • 18°C
  • Wed
  • 24°C
  • 17°C
  • Thu
  • 23°C
  • 17°C
  • Fri
  • 26°C
  • 18°C
  • Sat
  • 23°C
  • 18°C
  • Sun
  • 27°C
  • 17°C
  • Tue
  • 31°C
  • 18°C
  • Wed
  • 32°C
  • 18°C
  • Thu
  • 29°C
  • 18°C
  • Fri
  • 27°C
  • 17°C
  • Sat
  • 28°C
  • 17°C
  • Sun
  • 28°C
  • 16°C
  • Tue
  • 28°C
  • 17°C
  • Wed
  • 31°C
  • 17°C
  • Thu
  • 29°C
  • 17°C
  • Fri
  • 27°C
  • 15°C
  • Sat
  • 27°C
  • 16°C
  • Sun
  • 28°C
  • 15°C
  • Tue
  • 27°C
  • 22°C
  • Wed
  • 28°C
  • 23°C
  • Thu
  • 26°C
  • 22°C
  • Fri
  • 26°C
  • 22°C
  • Sat
  • 30°C
  • 22°C
  • Sun
  • 24°C
  • 20°C
  • Tue
  • 23°C
  • 18°C
  • Wed
  • 22°C
  • 19°C
  • Thu
  • 22°C
  • 19°C
  • Fri
  • 24°C
  • 19°C
  • Sat
  • 22°C
  • 19°C
  • Sun
  • 22°C
  • 19°C
  • Tue
  • 25°C
  • 17°C
  • Wed
  • 26°C
  • 17°C
  • Thu
  • 30°C
  • 15°C
  • Fri
  • 33°C
  • 18°C
  • Sat
  • 28°C
  • 17°C
  • Sun
  • 31°C
  • 16°C
  • Tue
  • 22°C
  • 17°C
  • Wed
  • 22°C
  • 17°C
  • Thu
  • 24°C
  • 17°C
  • Fri
  • 27°C
  • 18°C
  • Sat
  • 23°C
  • 17°C
  • Sun
  • 27°C
  • 16°C
  • Tue
  • 33°C
  • 20°C
  • Wed
  • 34°C
  • 20°C
  • Thu
  • 31°C
  • 19°C
  • Fri
  • 29°C
  • 18°C
  • Sat
  • 29°C
  • 18°C
  • Sun
  • 31°C
  • 17°C
  • Tue
  • 27°C
  • 15°C
  • Wed
  • 30°C
  • 14°C
  • Thu
  • 30°C
  • 14°C
  • Fri
  • 28°C
  • 16°C
  • Sat
  • 26°C
  • 16°C
  • Sun
  • 25°C
  • 14°C
  • Tue
  • 28°C
  • 15°C
  • Wed
  • 29°C
  • 16°C
  • Thu
  • 26°C
  • 18°C
  • Fri
  • 24°C
  • 17°C
  • Sat
  • 28°C
  • 17°C
  • Sun
  • 27°C
  • 17°C
  • Tue
  • 23°C
  • 18°C
  • Wed
  • 21°C
  • 17°C
  • Thu
  • 20°C
  • 17°C
  • Fri
  • 23°C
  • 17°C
  • Sat
  • 21°C
  • 17°C
  • Sun
  • 22°C
  • 16°C

FSB eyes review of Christo Wiese's sale of Steinhoff shares

The Financial Services Board will likely investigate Weise’s sale of R98.5 million worth of Steinhoff shares to establish if it amounts to insider trading.

Billionaire Christo Wiese. Picture: Supplied.

PRETORIA - It’s emerged that the Financial Services Board (FSB) might review former Steinhoff chairperson Christo Wiese’s forced sale of nearly R100 million worth of the collapsing company’s shares.

The Business Day is reporting that Wiese sold the shares last week, which led to the collapse of a deal which would have seen Steinhoff Africa retail secure a stake in Shoprite Holdings.

Wiese stepped down as the company chairperson last week, as a fraud and corruption investigation in Germany continues to affect the company’s shair price.

The Financial Services Board will likely investigate Weise’s sale of R98.5 million worth of Steinhoff shares to establish if it amounts to insider trading.

The Business Day reports that the forced sale of the shares ensured the collapse of the sale of Shoprite Holdings shares to Steinhoff Africa Retail.

This meant that Wiese’s stake fell below the 30% threshold needed for control in terms of Frankfurt Stock Exchange regulations.

Wiese’s plan to sell a controlling stake of Shoprite to Steinfoff could not proceed without making an offer to Shoprite minority shareholders.

The collapse of the deal has pushed Wiese’s stake in Shoprite to outright control of the company.

Comments

EWN welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

- Racism (including offensive comments based on ethnicity and nationality)
- Sexism
- Homophobia
- Religious intolerance
- Cyber bullying
- Hate speech
- Derogatory language
- Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the EWN community a safe and welcoming space for all.

EWN reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

EWN is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

comments powered by Disqus