Christo Wiese
Christoffel Hendrik Wiese | |
|---|---|
| Born | September 10, 1941 Upington, South Africa |
| Occupation(s) | Entrepreneur, Businessman |
| Known for | Chairman of Shoprite, Pepkor, Steinhoff International; Principal shareholder of Steinhoff International (until 2017) |
Christoffel Hendrik Wiese (born 10 September 1941) is a South African billionaire entrepreneur, widely recognized for his extended leadership roles as chairman of both Shoprite and Pepkor. He also held the position of chairman and was the principal shareholder of Steinhoff International until its downfall in December 2017.
Initially trained in law, Wiese ventured into the discount retail sector in 1981 by acquiring a controlling interest in Pep Stores from a relative. Although he no longer holds majority ownership in Shoprite or Pep, he continues to possess substantial shares in these companies, along with investments in the mining sector and real estate.
Early life and education
Born on 10 September 1941 in Upington, South Africa, Wiese grew up on a family farm where his father managed sheep and cattle, as well as a car dealership. He completed his secondary education at Paarl Boys' High School and initially enrolled at the University of Cape Town, but left before graduating. After launching a radiator repair business in Upington, he resumed his studies at Stellenbosch University, earning both a Bachelor of Arts and Bachelor of Laws degree by 1967.
Business career
During Wiese’s time at Stellenbosch, his parents co-established Pep Stores in Upington in 1965. Following graduation, he served as an executive director during the company’s rapid growth phase. In 1974, he relocated to Cape Town, married, and practiced criminal and commercial law at the Cape Bar. Concurrently, he remained engaged in business ventures, including purchasing a diamond mine in Richtersveld in 1976. He also ran unsuccessfully for Parliament in 1977 as a candidate for the Progressive Federal Party.
In 1981, Wiese divested from the Richtersveld mine and acquired his cousin’s share of Pep Stores, which had bought Shoprite for R1 million in 1979 and operated approximately 450 outlets. He secured a controlling 44% interest and assumed the role of chairman.
Renamed Pepkor Limited in 1982, the company dominated South Africa’s discount retail market for two decades, benefiting from protectionist policies amid international sanctions during apartheid. Wiese referred to Pepkor as "the Wal-Mart of Africa," built around the motto: "Low prices you can trust." In 1986, Pepkor acquired clothing retailer Ackermans and separated its food operations by listing Shoprite Holdings independently on the JSE, while Wiese maintained control over both entities.
By 1991, Pepkor expanded further through acquisitions including Smart Group Holdings, Cashbuild, Checkers, and Stuttafords. In 1997, Pepkor purchased the struggling OK Bazaars from South African Breweries for one rand.
British investments
Wiese’s private equity company, Brait, holds major investments in UK-based firms. This began with acquiring a stake in Iceland Foods in 2012. In April 2015, Brait bought an 80% share of Virgin Active from Richard Branson’s Virgin Group, followed later that year by acquiring 90% ownership of fashion retailer New Look. Wiese attributed this international expansion partly to antitrust regulations limiting growth opportunities within South Africa.
Steinhoff scandal
In March 2012, Wiese entered the shareholder and director ranks of the German-listed company Steinhoff International by selling his Lanzerac Manor and Winery, a transaction orchestrated by Steinhoff executive and Wiese’s close associate, Markus Jooste. By November 2014, Steinhoff had secured a 92.34% ownership of Pepkor through acquiring Wiese's 52.47% share alongside Brait's 37.06%. Wiese obtained 19.7% of Steinhoff’s shares and assumed the chairmanship in 2016 after increasing his holdings to support Steinhoff’s purchase of Mattress Firm. At the close of 2016, he was the largest shareholder in both Steinhoff (23%) and Shoprite (16.9%), advocating for the consolidation of their business interests.
During Wiese’s tenure as chairman, Steinhoff disclosed extensive accounting fraud in December 2017, which prompted Jooste’s resignation as CEO. Wiese briefly took on the role of interim CEO before resigning from the board altogether. The scandal caused his net worth to plummet by more than $3 billion as Steinhoff’s stock price tumbled. Key financial institutions such as Goldman Sachs and JP Morgan incurred losses on margin loans extended to Wiese, secured against his Steinhoff equity. Called before South Africa’s Parliament, Wiese described the fraud revelations as "a bolt from the blue," although Jooste later alleged that Wiese had prior awareness.
In April 2018, Wiese’s firm Titan initiated legal action seeking to annul R59 billion worth of Steinhoff share acquisitions on grounds of fraud; this litigation concluded in early 2022 with a settlement awarding Wiese R3 billion in cash plus a Pepkor stake valued at over R4 billion. After disappearing from the Forbes Billionaire List in 2018, Wiese reclaimed billionaire status by 2023.
Shoprite leadership
Following the collapse of Steinhoff, Wiese trimmed approximately one-third of his Shoprite holdings; by October 2019, his stake stood at 10.7%, trailing behind the Government Employees Pension Fund, yet he maintained board influence through deferred shares endowed with enhanced voting rights. Shoprite continued to generate strong profits.
In November 2019, leveraging his special voting privileges, Wiese secured reappointment as Shoprite chairman despite opposition from shareholders controlling over 60% of the ordinary shares. He relinquished the chairmanship in November 2020, with Wendy Lucas-Bull succeeding him. Meanwhile, Wiese retained chairmanship roles at Invicta Holdings and TradeHold and by 2024 concentrated on mining ventures through Trans Hex Group Limited.
Financial controversies
In April 2009, UK officials seized £675,000 from Wiese at London City Airport under the Proceeds of Crime Act, alleging links between the funds and unlawful activities. Wiese asserted that the money stemmed from diamond transactions during the 1980s and 1990s and had been held overseas to circumvent South African currency regulations. Represented by Clare Montgomery, he successfully appealed at the London High Court in 2012 and recovered the funds.
This airport seizure prompted an inquiry by the South African Revenue Service (SARS), which in 2012 determined that Wiese’s company Titan owed taxes amounting to nearly R2 billion. The matter escalated to South Africa's Supreme Court of Appeal by 2024.
Personal life
Wiese is married to Caro, an art connoisseur and daughter of notable politician Japie Basson. The couple has three children. Residing in Clifton, Cape Town, they own Lourensford Wine Estate in Somerset West, acquired in 1998, along with a private wildlife reserve located within the Kalahari desert.
See also
External links
- 2010 discussion featured in Leadership