In less than a year, Christo Wiese went from being South Africa's third richest man to not featuring on Forbes' list of dollar billionaires.
Forbes released its list of global billionaires on Tuesday - which included the names of Nicky Oppenheimer ($7.7 billion), Johann Rupert ($7 billion), Koos Bekker ($2.6 billion) and Patrice Motsepe ($2.4 billion), but snubbed Wiese.
Steinhoff stock prices fell by over 25% since Forbes last estimated Wiese's net worth in January when it stood at R13 billion ($1.1 billion). In 2017, the publication estimated Wiese to be worth R66 billion ($5.6 billion).
Wiese was the single largest shareholder of Steinhoff after he exchanged his shares in budget clothing brand Pepkor for Steinhoff shares in a purchase worth R63 billion in 2014.
He resigned as Steinhoff chairperson in December after a series of accounting irregularities emerged. The company's share price fell by as much as 80% in a two-day plunge at the time.
Since then the company has faced several probes in both South Africa and Germany.
At the end of January, Steinhoff told the National Assembly that it had reported Jooste to the police, apparently after his resignation.
The JSE suspended a small subset of Steinhoff shares after it failed to release its results.
But the company remains listed on the JSE as its primary listing is in Frankfurt, Germany.
At the end of February, acting chairperson Heather Sonn told shareholders that forensic investigators have secured "raw data from computers" and cellphones that will help identify "the individuals involved who are to be held accountable."
"We all want to see Steinhoff secure in its future and I am determined to do whatever it takes to make that happen," Sonn said.
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