On Thursday, 20 March 2025, Showmax will launch two new episodes of Steinheist. It is a documentary collection that delves into the biggest company scandal in South African historical past.
This comes only a day earlier than the primary anniversary of Markus Jooste’s tragic dying.
THE STEINHEIST SCANDAL
Jooste, the previous CEO of Steinhoff, was on the centre of a monetary storm that worn out over R200 billion from the Johannesburg Inventory Alternate (JSE).
This affected numerous South Africans’ pensions and investments.
In December 2017, Steinhoff’s share value plummeted by 90% in per week following Jooste’s resignation amid investigations into accounting irregularities, in line with IMDB.
This occasion was likened to South Africa’s Enron, highlighting the severity of the scandal.
THE FALL OF STEINHOFF
Steinhoff, as soon as a retail large proudly owning manufacturers like Ackermans and PEP, noticed its worth evaporate virtually in a single day.
Steinheist, produced by IdeaCandy, the creators of Devilsdorp, is a gripping three-part collection that originally aired in 2022.
It has now expanded to incorporate two further episodes, exploring the aftermath of Jooste’s resignation and the continuing pursuit of justice, in line with Showmax Tales.
Director Richard Finn Gregory notes, “The wheels of justice have been turning,” reflecting on the progress made because the documentary’s preliminary launch.
LATEST EPISODES
The newest episodes, 4 and 5, choose up the place the story left off.
They element vital developments, together with the seizure of R1.4 billion of Jooste’s belongings by the Reserve Financial institution.
In addition they element his R15 million positive and 20-year ban from the JSE, and a document R475 million positive from the Monetary Sector Conduct Authority.
The episodes additionally cowl Jooste’s pursuit by German authorities and his eventual police summons. Regardless of Jooste’s passing, the saga continues.
A CHESS GAME
Former Steinhoff govt Stéhan Grobler was arrested shortly after Jooste’s dying. R60 million in belongings had been seized from Bernice Odendaal, Jooste’s alleged mistress.
The brand new episodes delve into insider buying and selling prosecutions in South Africa, fraud convictions in Germany, and the sentencing of Ben la Grange, Steinhoff’s former CFO, in line with Cherry Flava.
Alec Hogg, editor of BizNews, aptly describes the scenario as a chess sport. “The sport just isn’t over. There are nonetheless different items on the board.
That’s the massive query: ‘Who’re the accomplices?’” Christo Wiese, Steinhoff’s former chair, agrees, stating, “All of us accepted that he couldn’t do it alone.”
THE SECOND INSTALMENT OF STEINHEIST
The second instalment of Steinheist options interviews with key figures. These embrace Lesetja Kganyago, governor of the South African Reserve Financial institution, and Zwelakhe Mnguni.
Mnguni introduced the primary legal case in opposition to Jooste. Rob Rose, creator of Steinheist, additionally shares his insights.
Episode 5 concludes with a essential query: how can such company scams be prevented sooner or later?
Khaya Sithole, an accountant and activist, warns, “Individuals shouldn’t be allowed to labour beneath the impression that it’s going to by no means occur once more. We didn’t see this one coming. Which means we in all probability can’t see the following one coming until we do issues in another way.”
THE SAFTAS AND STEINHEIST
Steinheist has obtained widespread acclaim, turning into the most-nominated documentary on the SAFTAs.
Director Richard Finn Gregory and producer Elle Oosthuizen gained the Sanlam Group Monetary Journalist of the 12 months award for his or her work on the collection.
As the brand new episodes of Steinheist premiere, they function a stark reminder of the devastating penalties of company greed. It additionally highlights the significance of accountability.
With its gripping narrative and well timed launch, Steinheist is ready to captivate audiences as soon as once more, providing a deeper dive into certainly one of South Africa’s most notorious monetary scandals.
WHAT DO YOU THINK IS THE MOST SHOCKING ASPECT OF THE STEINHOFF SCANDAL?
Tell us by leaving a remark beneath, or ship a WhatsApp to 060 011 021 1.
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