May 9, 2018 / 11:40 AM / 2 months ago

South African magnate Wiese relinquishes roles at investment firm Brait

JOHANNESBURG, May 9 (Reuters) - South African tycoon Christo Wiese has stepped down from two roles at Brait SE where he is a major shareholder, citing time constraints, the investment firm said on Wednesday.

Wiese is best known for transforming grocery retailer Shoprite from just six shops in the 1970s to hundreds of stores across Africa as well as his investment in crisis-hit Steinhoff International.

He resigned as chairman and biggest shareholder of Steinhoff in December when accounting irregularities were uncovered, and is now suing the company over his investment.

Wiese retired on Tuesday as a non-executive director of Brait’s UK company New Look and as the non-executive chairman of Brait South Africa Proprietary Ltd “due to time constraints”, the firm said in a statement without elaborating.

Wiese, who holds a more than 34 percent stake in Brait, will retain his non-executive directorship of Brait and has appointed his son Jacob Wiese as an alternate at the firm.

In addition to its British no-frills clothing chain, Brait also owns gym chain Virgin Active and British supermarket Iceland Foods. ($1 = 12.6158 rand) (Reporting by Nqobile Dludla Editing by James Macharia)

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