International retail holding company Steinhoff’s former chairperson, Christo Wiese, has been implicated in a tax evasion scheme.
Investigative journalism team, AmaBhungane, has released a report detailing that South African Revenue Services (SARS) is investigating Wiese and three other people in a larger tax claim case, following the restructuring of Irish oil company, Tullow.
It is alleged that tax advisers at law firm, ENS, misled Wiese in the tax-dodging scheme in which transactions allowed Tullow to sell its African assets to an ENS-controlled firm so it could reportedly move its tax base to the Netherlands.
ENS then reportedly created a tax structure to help Tullow move assets worth R3.9 billion out of SA, avoiding taxes in the process.
SARS is now holding Wiese and two others liable for the R217 million asset.
“The Tullow restructuring had absolutely nothing to do with the Titan group. There is a R3.7 billion claim by SARS which, if it is valid, rose long before one of the small companies were sold to Titan by ENS. Titan then landed in a scrap with the receiver in an amount of R217 million. Its three individuals – and they cited me as one, and that matter is currently before the court. But, you have to draw the clear distinction between the R3.7 billion and R217 million dispute,” Wiese explains what he understands occurred with his Titan group.
