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Steinhoff Update: Wiese loses R70bn bet as global banks sell him out, take huge losses
Christo Wiese and international banks are emerging as the biggest losers in the Steinhoff disaster.
By Alec HoggÂ
Christo Wiese and international banks are emerging as the biggest losers in the Steinhoff disaster.
Wiese has taken an effective loss of just over €3bn. The banks look likely to be hit even harder, but have already had to swallow a €1,1bn knock on money lent to Wiese last September so that he could increase his bet on the now teetering furniture group.
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