Steinhoff International shares plummeted on Wednesday as its chief executive officer Markus Jooste resigned with immediate effect amid "accounting irregularities", while the release of the company's 2017 numbers has been postponed.
In addition to purchases like the UK's Bensons for Beds, the company has made plays for appliance chain Darty in France and household-goods retailer Argos in Britain.
Steinhoff's stock was down by 68 percent in Frankfurt on Wednesday, while its latest bond sold in July fell by more than 40 points, after the company said late Tuesday that "new information has come to light today which relates to accounting irregularities requiring further investigation".
In October, Steinhoff bought back 78 million shares, a deal handled by Johannesburg-based PSG Capital.
Wiese, 76, and Jooste didn't immediately respond to calls to their mobile phones.
Jooste's sudden resignation marks the end of his 30 years with the business.
The group's share price has fallen 18.2% from Friday's closing price of R55.81 to R45.65 on Tuesday after warning shareholders on Monday its results would not be signed by its auditors. The stock closed at €5.075 on its first day of trading in the German city in December 2015, when the company moved its primary listing from Johannesburg.
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Wiese borrowed €1.6 billion ($1.9 billion) to buy additional Steinhoff shares through a family trust in September 2016, pledging €3.2 billion of his existing holding as security to the investment banks that lent the money.
Jooste was at the helm of the company for almost 20 years and oversaw its expansion to one of the world's largest household goods retailers.
It said it would also investigate whether previous financial results need to be corrected.
Earlier this year, Steinhoff acquired a majority stake in mattress producer Sherwood Bedding, a family-owned company based in Fort Lauderdale, Fla.
The company is involved in ongoing civil litigation - including with a former joint-venture partner - and the outcome "should result in monetary remedy to be paid by the group", Steinhoff said in August.
Steinhoff had denied the allegations when they surfaced again in August.