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It's amazing that you say that, because people talk about how we must stop this
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Steinheist

It's amazing that you say that, becausepeople talk about how we must stop this and...

It's amazing that you say that, because
people talk about how we must stop this and bulletproof it from happening again.
But you don't think it's possible?

Full Transcript

00:00:01.000 --> 00:00:04.999
It's amazing that you say that, because people talk about how we must stop this
00:00:05.000 --> 00:00:07.008
and bulletproof it from happening again. But you don't think it's possible?
Duration
9 seconds
Views
22
Timestamp in Movie
00:50:10
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 • E01 What it would do, what a lot of companies do, - Steinheist 00:06
What it would do, what a lot of companies do,
S01 • E02 And sometimes the idea that they might get caught, - Steinheist 00:08
And sometimes the idea that they might get caught,
S01 • E01 They say, "The difference between today I value it R1 billion, - Steinheist 00:06
They say, "The difference between today I value it R1 b...
S01 • E03 We have fragmented regulation in South Africa at the moment. - Steinheist 00:11
We have fragmented regulation in South Africa at the moment.
S01 • E01 I'll take the R1 billion difference into my profit and say, - Steinheist 00:07
I'll take the R1 billion difference into my profit and ...
S01 • E02 At that stage - Steinheist 00:12
At that stage
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 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 • 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...