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And often auditors forget that they are there to protect the public
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Steinheist

And often auditors forget that theyare there to protect the public

And often auditors forget that they
are there to protect the public

Full Transcript

00:00:01.000 --> 00:00:04.072
And often auditors forget that they are there to protect the public.
Duration
6 seconds
Views
22
Timestamp in Movie
00:27:13
Uploaded
Apr 27, 2025
Season
1
Episode
3
Genres
documentary, crime
Production
IdeaCandy

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Movie Summary

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...
S01 • E02 And having lived here for 35 years, or close to 35 years, - Steinheist 00:09
And having lived here for 35 years, or close to 35 years,
S01 • E01 I was, you know... There was a period of growth for me, - Steinheist 00:07
I was, you know... There was a period of growth for me,
S01 • E03 They don't work for the directors of the company. - Steinheist 00:12
They don't work for the directors of the company.
S01 • E02 And obviously, when you arrive with the sort of noise - Steinheist 00:17
And obviously, when you arrive with the sort of noise
S01 • E03 It's still the responsibility of the management - Steinheist 00:14
It's still the responsibility of the management
S01 • E01 Yeah look, Markus was inspirational in many ways. - Steinheist 00:04
Yeah look, Markus was inspirational in many ways.
S01 • E01 I mean, I looked up to him for many years - Steinheist 00:17
I mean, I looked up to him for many years
S01 • E02 And that's when the whole sort of, let's call it - Steinheist 00:08
And that's when the whole sort of, let's call it
S01 • E02 Clearly there's legitimate new money and then there is fraudulent new money. - Steinheist 00:06
Clearly there's legitimate new money and then there is ...
S01 • E03 And an audit cannot take away those responsibilities. - Steinheist 00:30
And an audit cannot take away those responsibilities.
S01 • E02 Old money certainly doesn't shimmer, whereas new money in Stellenbosch - Steinheist 00:08
Old money certainly doesn't shimmer, whereas new money ...
S01 • E01 One of the stories about the culture of Steinhoff at the time was trust. - Steinheist 00:04
One of the stories about the culture of Steinhoff at the tim...
S01 • E01 Everything was about trust. Deals were done on a handshake. - Steinheist 00:05
Everything was about trust. Deals were done on a handshake.
S01 • E02 There is a house where the owner installed Perspex garage gates - Steinheist 00:12
There is a house where the owner installed Perspex garage ga...
S01 • E01 They were not this massive volume of paper that you get with most transactions. - Steinheist 00:05
They were not this massive volume of paper that you get with...
S01 • E01 The insiders talk about how trust was the most fundamental part of the company. - Steinheist 00:05
The insiders talk about how trust was the most fundamental p...
S01 • E01 And that's partly why the relationship with Bruno and Markus - Steinheist 00:06
And that's partly why the relationship with Bruno and M...
S01 • E01 It wasn't one where you'd go and check the documents and emails you have - Steinheist 00:07
It wasn't one where you'd go and check the documen...
S01 • E02 You know, Jooste is not known for ploughing money into community projects - Steinheist 00:11
You know, Jooste is not known for ploughing money into commu...
S01 • E03 The fraud standard actually - Steinheist 00:24
The fraud standard actually