December 6, 2017 / 12:18 PM / 2 years ago

South Africa's Wiese-related firm Brait falls sharply on Steinhoff woes

JOHANNESBURG, Dec 6 (Reuters) - Shares in Brait SE, a South African investment heavyweight in which tycoon Christo Wiese owns about a third of its stock, slumped 6 percent on Wednesday in what one fund manager said was a knock-on effect from a sell-off in Steinhoff.

Wiese is the top shareholder in Steinhoff, which dropped nearly 70 percent after revealing accounting irregularities and its CEO quit, shocking investors and tarnishing Wiese image as one of South Africa’s most respected stewards of shareholder capital. (Reporting by Tiisetso Motsoeneng and TJ Strydom; Editing by James Macharia)

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