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At that stage
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Steinheist

At that stage it was clear to me that theauditors were never going to be able to sign off...

At that stage it was clear to me that the
auditors were never going to be able to sign off the accounts without a forensic
investigation

Full Transcript

00:00:01.000 --> 00:00:02.519
At that stage
00:00:02.052 --> 00:00:07.959
it was clear to me that the auditors were never going to be able
00:00:07.096 --> 00:00:10.158
to sign off the accounts
00:00:10.159 --> 00:00:12.399
without a forensic investigation.
Duration
12 seconds
Views
22
Timestamp in Movie
00:50:37
Uploaded
Apr 29, 2025
Season
1
Episode
2
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 • E01 It's not a fair reflection of what your company is making. - Steinheist 00:04
It's not a fair reflection of what your company is maki...
S01 • E03 Audit committee members, board members... You can take away their designations, - Steinheist 00:11
Audit committee members, board members... You can take away ...
S01 • E01 I think it's important to emphasise that if it were just one big issue, - Steinheist 00:10
I think it's important to emphasise that if it were jus...
S01 • E03 That is because there's an act that regulates auditors. - Steinheist 00:04
That is because there's an act that regulates auditors.
S01 • E02 And over that weekend, I then communicated with PWC - Steinheist 00:13
And over that weekend, I then communicated with PWC
S01 • E03 The other portions of the financial reporting chain, or the ecosystem, - Steinheist 00:06
The other portions of the financial reporting chain, or the ...
S01 • E01 There were a number of issues. Some of them were red flags. - Steinheist 00:11
There were a number of issues. Some of them were red flags.
S01 • E03 All those role players should be subject to regulation. - Steinheist 00:13
All those role players should be subject to regulation.
S01 • E01 But you had to put all of these together in order to come to the view, - Steinheist 00:11
But you had to put all of these together in order to come to...
S01 • E02 He comes back on the Monday. He says to Christo Wiese, - Steinheist 00:06
He comes back on the Monday. He says to Christo Wiese,
S01 • E01 A lot of these analysts sit inside investment banks - Steinheist 00:14
A lot of these analysts sit inside investment banks
S01 • E02 I'm just gonna go home and have a shower." - Steinheist 00:07
I'm just gonna go home and have a shower."
S01 • E01 And in the case of Steinhoff, - Steinheist 00:06
And in the case of Steinhoff,
S01 • E03 I think everyone in the end ended up in a good position, not ideal. - Steinheist 00:07
I think everyone in the end ended up in a good position, not...
S01 • E03 And that's probably the hallmarks of any settlement, ultimately. - Steinheist 00:06
And that's probably the hallmarks of any settlement, ul...
S01 • E02 Steve Booysen gets a message from Markus Jooste, in Afrikaans, saying, - Steinheist 00:10
Steve Booysen gets a message from Markus Jooste, in Afrikaan...
S01 • E01 I highlighted six or seven key issues. - Steinheist 00:15
I highlighted six or seven key issues.
S01 • E03 Everyone is a little bit frustrated, - Steinheist 00:07
Everyone is a little bit frustrated,
S01 • E02 And he thinks, "Oh no, Markus only ever communicated with me in Afrikaans." - Steinheist 00:07
And he thinks, "Oh no, Markus only ever communicated wi...
S01 • E02 And he realizes that there might actually be veracity in the claims that - Steinheist 00:09
And he realizes that there might actually be veracity in the...