On Thursday, 20 March 2025, Showmax will launch two new episodes of Steinheist. This 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 Stock Exchange (JSE).
This affected numerous South Africans’ pensions and investments.
In December 2017, Steinhoff’s share value plummeted by 90% in every week following Jooste’s resignation amid investigations into accounting irregularities, based on 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 big proudly owning manufacturers like Ackermans and PEP, noticed its worth evaporate nearly 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 extra episodes, exploring the aftermath of Jooste’s resignation and the continued pursuit of justice, based on Showmax Stories.
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 property by the Reserve Bank.
They additionally element his R15 million superb and 20-year ban from the JSE, and a file R475 million superb from the Financial Sector Conduct Authority.
The episodes additionally cowl Jooste’s pursuit by German authorities and his eventual police summons. Despite Jooste’s passing, the saga continues.
A CHESS GAME
Former Steinhoff government Stéhan Grobler was arrested shortly after Jooste’s dying. R60 million in property have been seized from Bernice Odendaal, Jooste’s alleged mistress.
The 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, based on Cherry Flava.
Alec Hogg, editor of BizNews, aptly describes the scenario as a chess recreation. “The recreation shouldn’t be over. There are nonetheless different items on the board.
That’s the large query: ‘Who are the accomplices?’” Christo Wiese, Steinhoff’s former chair, agrees, stating, “We all 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 Bank, and Zwelakhe Mnguni.
Mnguni introduced the primary felony case towards Jooste. Rob Rose, writer of Steinheist, additionally shares his insights.
Episode 5 concludes with a vital query: how can such company scams be prevented sooner or later?
Khaya Sithole, an accountant and activist, warns, “People should not be allowed to labour under the impression that it will never happen again. We didn’t see this one coming. That means we probably can’t see the next one coming unless we do things differently.”
THE SAFTAS AND STEINHEIST
Steinheist has acquired widespread acclaim, turning into the most-nominated documentary on the SAFTAs.
Director Richard Finn Gregory and producer Elle Oosthuizen received the Sanlam Group Financial Journalist of the Year 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 about to captivate audiences as soon as once more, providing a deeper dive into one in all South Africa’s most notorious monetary scandals.
WHAT DO YOU THINK IS THE MOST SHOCKING ASPECT OF THE STEINHOFF SCANDAL?
Let us know by leaving a remark beneath, or ship a WhatsApp to 060 011 021 1.
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