Showmax has dropped the trailer for the second part of ‘Steinheist’, offering a deeper look into South Africa’s biggest corporate scandal.
On December 6, 2017, Steinhoff CEO Markus Jooste resigned amid an investigation into accounting fraud that led to a R200 billion loss on the Johannesburg Stock Exchange (JSE), impacting South African pensions and investments.
“Apparently Markus said to his wife, ‘Give this five years. By then, it’ll have blown over,’” recalls Thys du Toit, former CEO of Coronation Fund Managers, in episode 4.
Five years later, Steinheist continues to spark public outrage. The new episodes follow Jooste’s downfall, including the seizure of R1.4bn of his assets and his legal battles leading up to his suicide on March 21, 2024.
The episodes also cover the arrest of ex-Steinhoff exec Stéhan Grobler, the seizure of R60m from Jooste’s alleged mistress, and ongoing efforts to recover the stolen funds and bring accomplices to justice.
“Who are the accomplices?” asked Alec Hogg, BizNews editor. “The game is not over. There are still other pieces on the board.”
Christo Wiese, former chair of Steinhoff, added: “We all accepted that he couldn’t do it alone.”
Episodes feature interviews with key figures, including Lesetja Kganyago, Governor of the South African Reserve Bank, and journalists Pauli Van Wyk and Rob Rose.
The episodes raise the question: how can we prevent another corporate fraud of this scale?
Khaya Sithole, accountant and activist, warns: “We didn’t see this one coming. That means we probably can’t see the next one coming unless we do things differently.”
Watch the trailer
Steinheist image supplied by Showmax
Words: Fame Frenzy
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