Christo Wiese in Parliament.
JOHANNESBURG - Steinhoff International Holdings said two 2017 payments to former chairman Christo Wiese did not follow proper governance and disclosure processes, Bloomberg News reported.

It is believed that the deals agreed upon were with entities related to Wiese in the weeks before the scandal of financial irregularities hit the company.

According to a statement from the company, Steinhoff said that it investigated the payments and is currently in the process of being reimbursed.

Also read: Christo Wiese dumps Steinhoff shares

Wiese maintained earlier this year that news of the scandal came to him as “a bolt from the blue” and that he had no prior knowledge of any wrongdoing. Wiese, 76, has seen his net worth more than halve to $2.3billion as Steinhoff’s shares plunged.


Steinhoff's supervisory board succumbed to growing public pressure on the payment of bonuses to some members of the board last week.

The group said its supervisory board took note of the concerns raised by stakeholders and has decided to delete sections relating to additional payments for independent directors from the resolution on director remuneration which is to be considered at the company’s annual general meeting (AGM) to be held on April 20.

Steinhoff was set to pay Steve Booysen and Heather Sonn an additional 200000 (R2.91million) each. Johan van Zyl was due to be paid 100000.


- BUSINESS REPORT ONLINE