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Steinheist

The biggest corporate scandal in South African history, the fall of Steinhoff led to a loss of R200 billion. Steinheist untangles the story: the investors who were taken in; the victims and the CEO, Markus Jooste, who's still a fr...

Director

N/A

Year

Genre

documentary, crime

Production

IdeaCandy

Awards

5 nominations

Cast information not available.

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Explore 953 Clips

When we looked at the
problem of Steinhoff, - Steinheist

When we looked at the problem of Steinhoff,

There is a pension fund where you put
in your money and you hope for the best. - Steinheist

There is a pension fund where you put in your money and you ...

We refer to that as a defined contribution
fund because you are only told - Steinheist

We refer to that as a defined contribution fund because you ...

There was lack of diversity
at the board level, - Steinheist

There was lack of diversity at the board level,

We are hoping that over the
life of your employment then, - Steinheist

We are hoping that over the life of your employment then,

Because remember, the way
the companies are run, - Steinheist

Because remember, the way the companies are run,

The people who are running the
company on a daily basis are the exco, - Steinheist

The people who are running the company on a daily basis are ...

what tends to happen is that - Steinheist

what tends to happen is that

So the government employee pension
fund is a defined benefit model. - Steinheist

So the government employee pension fund is a defined benefit...

And if they're coming from
the same either race, culture, - Steinheist

And if they're coming from the same either race, cultur...

They're likely not to question
anything that the chairperson does. - Steinheist

They're likely not to question anything that the chairp...

So that then creates a problem, because
then people start to think the same way. - Steinheist

So that then creates a problem, because then people start to...

They're bringing different perspective,
you'll be able to see things differently. - Steinheist

They're bringing different perspective, you'll be ...

The long-term effect is the big problem.
It's going to be a complete disaster. - Steinheist

The long-term effect is the big problem. It's going to ...

They'll be able to show the impact
of what you are doing on others, - Steinheist

They'll be able to show the impact of what you are doin...

There are smaller pension
funds that were invested. - Steinheist

There are smaller pension funds that were invested.

Remember, certain races were excluded by
law from participating in the economy. - Steinheist

Remember, certain races were excluded by law from participat...

And if you think about widows
and orphans and security guards, - Steinheist

And if you think about widows and orphans and security guard...

Some of us could not even
do mathematics at school. - Steinheist

Some of us could not even do mathematics at school.

So, the Black Business Council is trying
to put pressure, and lobby, and advocate - Steinheist

So, the Black Business Council is trying to put pressure, an...

There is a bit of an emotional
connection to me that I know how it feels - Steinheist

There is a bit of an emotional connection to me that I know ...

We still have less than 5% of the
economy owned by black people. - Steinheist

We still have less than 5% of the economy owned by black peo...

We've got the majority of the
CEOs of the JSE-listed companies - Steinheist

We've got the majority of the CEOs of the JSE-listed co...

I worked for six years as a security
guard and I saved up for university, - Steinheist

I worked for six years as a security guard and I saved up fo...

So those are the issues we are
trying to bring to the fore. - Steinheist

So those are the issues we are trying to bring to the fore.

There was not one board
meeting that I attended - Steinheist

There was not one board meeting that I attended

There were defenceless people
who are sweeping the streets, - Steinheist

There were defenceless people who are sweeping the streets,

Of the difficulties that
the group was experiencing, - Steinheist

Of the difficulties that the group was experiencing,

And it was particularly
for that reason - Steinheist

And it was particularly for that reason

So, I got to know the
information around Markus Jooste - Steinheist

So, I got to know the information around Markus Jooste

They were building loss-making
businesses upon loss-making businesses, - Steinheist

They were building loss-making businesses upon loss-making b...

You know, building a bit of
pie in the sky, in a sense. - Steinheist

You know, building a bit of pie in the sky, in a sense.

It's just always fascinated
me how some people could - Steinheist

It's just always fascinated me how some people could

Building a smoke and
mirrors kind of empire. - Steinheist

Building a smoke and mirrors kind of empire.

It appeared to me
as if this urgency, - Steinheist

It appeared to me as if this urgency,

What happened at Steinhoff,
did it hit you financially? - Steinheist

What happened at Steinhoff, did it hit you financially?

Not only was he
financially savvy, - Steinheist

Not only was he financially savvy,

So his intelligence was
also a social intelligence - Steinheist

So his intelligence was also a social intelligence

So that was an absolute
uncomfortable for me - Steinheist

So that was an absolute uncomfortable for me

Every problem that any
of the business units had - Steinheist

Every problem that any of the business units had

For me Steinhoff is finished,
I have nothing to do with that. - Steinheist

For me Steinhoff is finished, I have nothing to do with that...

So, after studying at university,
Markus went to the Revenue Service. - Steinheist

So, after studying at university, Markus went to the Revenue...

You see, with my
business I was never home - Steinheist

You see, with my business I was never home

A profitable situation when
you're actually making a loss. - Steinheist

A profitable situation when you're actually making a lo...

That is one of the options you had.
Instead of doing national service - Steinheist

That is one of the options you had. Instead of doing nationa...

I think that is the truth. But now that
time is over. Now I have time enough. - Steinheist

I think that is the truth. But now that time is over. Now I ...

And I think that that gave him
great insights into how tax works - Steinheist

And I think that that gave him great insights into how tax w...

The auditors were mainly
working out of Stellenbosch. - Steinheist

The auditors were mainly working out of Stellenbosch.

And I'm a happy man with
85 years to survive. - Steinheist

And I'm a happy man with 85 years to survive.

I want to have friendship or
to stay with people together. - Steinheist

I want to have friendship or to stay with people together.

That is the end of my life. - Steinheist

That is the end of my life.

And that was part of the
reason, in my mind at least, - Steinheist

And that was part of the reason, in my mind at least,

I only know that in South Africa,
all the big MDs in these companies, - Steinheist

I only know that in South Africa, all the big MDs in these c...

And it would seem that that relates to his
early exposure to the revenue authority. - Steinheist

And it would seem that that relates to his early exposure to...

Throughout the latter part of his
career, he must've been scared - Steinheist

Throughout the latter part of his career, he must've be...

After that, he didn't want
to work for other people, - Steinheist

After that, he didn't want to work for other people,

After December 2017, when Markus
resigns, he retreats to Hermanus. - Steinheist

After December 2017, when Markus resigns, he retreats to Her...

And that is how Markus Jooste got
involved in Gommagomma in Ga-Rankuwa... - Steinheist

And that is how Markus Jooste got involved in Gommagomma in ...

He had this way of
looking in your eyes - Steinheist

He had this way of looking in your eyes

In the months after the crash, - Steinheist

In the months after the crash,

We were all taught, well, you
know, if somebody's shifty - Steinheist

We were all taught, well, you know, if somebody's shift...

The point about a homeland area - Steinheist

The point about a homeland area

Gommagomma at the time made
furniture, lounges, couches. - Steinheist

Gommagomma at the time made furniture, lounges, couches.

When I engaged with him, it was never...
There was very little grey area. - Steinheist

When I engaged with him, it was never... There was very litt...

They had warehouses all
over the Ga-Rankuwa area - Steinheist

They had warehouses all over the Ga-Rankuwa area

So after they appointed the new
board, Christo Weise, Heather Sonn, - Steinheist

So after they appointed the new board, Christo Weise, Heathe...

And the one was his business,
Steinhoff, which he was at for 28 years. - Steinheist

And the one was his business, Steinhoff, which he was at for...

He was very lucky early on to get
involved in a very good horse. - Steinheist

He was very lucky early on to get involved in a very good ho...

What came across very
strongly was Markus Jooste. - Steinheist

What came across very strongly was Markus Jooste.

He turned into a champion racehorse and
then latterly a champion sire as well. - Steinheist

He turned into a champion racehorse and then latterly a cham...

On the first day that I was
asked to take this position, - Steinheist

On the first day that I was asked to take this position,

This is The Conglomerate and
he's our 2016 Durban July winner. - Steinheist

This is The Conglomerate and he's our 2016 Durban July ...

And we built the company up - Steinheist

And we built the company up

We couldn't find a picture, but that
is the picture that I keep in my mind. - Steinheist

We couldn't find a picture, but that is the picture tha...

The Conglomerate
sweeps into the lead! - Steinheist

The Conglomerate sweeps into the lead!

And as long as there is hope that we can
get to some return for that individual, - Steinheist

And as long as there is hope that we can get to some return ...

He's got a bit of a fan club. People like
to have their pictures taken with him - Steinheist

He's got a bit of a fan club. People like to have their...

People and households lost
money. My own father lost money, - Steinheist

People and households lost money. My own father lost money,

So, I find the Steinhoff
story really fascinating. - Steinheist

So, I find the Steinhoff story really fascinating.

"And National emblem has hit
the front down the inside, - Steinheist

"And National emblem has hit the front down the inside,

And so it was very clear that there were
going to be significant consequences. - Steinheist

And so it was very clear that there were going to be signifi...

I thought very
strongly at the time - Steinheist

I thought very strongly at the time

- Hi, I'm Rob. We met a few years ago.
- Yes. - Steinheist

- Hi, I'm Rob. We met a few years ago. - Yes.

Markus bought into National
Emblem, who turned out to be - Steinheist

Markus bought into National Emblem, who turned out to be

Bruno Steinhoff was born in
the Rhineland in Germany. - Steinheist

Bruno Steinhoff was born in the Rhineland in Germany.

Your version, essentially,
was that Markus Jooste - Steinheist

Your version, essentially, was that Markus Jooste

So he made an enormous amount of money on
that investment on his very first horse. - Steinheist

So he made an enormous amount of money on that investment on...

And only one could
take over the farm, - Steinheist

And only one could take over the farm,

That's luck. It's like
winning the lottery. - Steinheist

That's luck. It's like winning the lottery.

It's a lot of, can I put it gently?
Waffle. Really, it's disappointing. - Steinheist

It's a lot of, can I put it gently? Waffle. Really, it&...

Steinheist poster

★ ★ ★ ★ ★

The biggest corporate scandal in South African history, the fall of Steinhoff led to a loss of R200 billion. Steinheist untangles the story: the investors who were taken in; the victims and the CEO, Markus Jooste, who's still a fr...

User Rating: 0.0 (0 ratings)

Director: N/A

Writer: N/A

Production: IdeaCandy

Genre: documentary, crime

Year: 2022

MetaScore: N/A/100

ImdbRating: N/A

BoxOffice:

Released: 22 Sep 2022

Awards: 5 nominations

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