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.
Published on: 

By Alec Hogg 

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.

___STEADY_PAYWALL___

Loading content, please wait...

Related Stories

No stories found.
BizNews
www.biznews.com