In another blow for investment tycoon Christo Wiese, industrial supplies conglomerate Invicta Holdings — in which he is the biggest shareholder — issued a shock update on Friday highlighting potentially costly tax liabilities.
Wiese’s fortunes have been battered over the past 18 months by accounting scandals at retailer Steinhoff International. He holds a 37.5% stake in Invicta, worth about R1.65bn.
The update, issued after the market closed on Friday, pencilled in an 81% drop in headline earnings from continuing operations to 90c a share (last year it was 466c a share).
Invicta’s earnings crunch was caused by the raising of a large additional tax provision of R400m on financial structures dating to its empowerment arrangement under Humulani Investments about a decade ago.
If you are already a subscriber, please click on the following link below to go to the full article: Invicta tax liabilities a new blow for Christo Wiese
If you would like to subscribe to BusinessLIVE Premium to read the full story, please click here to subscribe.
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.