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Steinhoff changed its year end during the preceding years
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Steinheist

Steinhoff changed its year endduring the preceding years, so what it meant was you...

Steinhoff changed its year end
during the preceding years, so what it meant was you couldn't really
compare the one year with the other one. And they also changed the reporting
currency from Rand to Euro

Full Transcript

00:00:01.000 --> 00:00:04.064
Steinhoff changed its year end during the preceding years,
00:00:04.641 --> 00:00:09.119
so what it meant was you couldn't really compare the one year with the other one.
00:00:09.012 --> 00:00:13.678
And they also changed the reporting currency from Rand to Euro.
Duration
14 seconds
Views
25
Timestamp in Movie
00:26:15
Uploaded
Apr 28, 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 The Gommagomma Group, as we started out as, was a very small entity, - Steinheist 00:09
The Gommagomma Group, as we started out as, was a very small...
S01 • E01 But the acquisition of Pat Cornick was basically - Steinheist 00:10
But the acquisition of Pat Cornick was basically
S01 • E03 Which also made it very difficult - Steinheist 00:20
Which also made it very difficult
S01 • E01 Bringing together manufacturers was critical, was good, important and timely. - Steinheist 00:13
Bringing together manufacturers was critical, was good, impo...
S01 • E02 I guess for Markus it was that he became used to the money. - Steinheist 00:05
I guess for Markus it was that he became used to the money.
S01 • E03 Steinhoff is a big company, it's a complex company, it's got a lot of moving parts. - Steinheist 00:06
Steinhoff is a big company, it's a complex company, it&...
S01 • E02 And so, as he got all this money, it became... - Steinheist 00:05
And so, as he got all this money, it became...
S01 • E01 Thabo Mbeki called upon black South Africans to go into business - Steinheist 00:17
Thabo Mbeki called upon black South Africans to go into busi...
S01 • E03 Maybe it was just a way to simplify things, - Steinheist 00:09
Maybe it was just a way to simplify things,
S01 • E02 Stellenbosch, as a university town, is actually quite a humble non-flashy town. - Steinheist 00:06
Stellenbosch, as a university town, is actually quite a humb...
S01 • E01 And I went in there, idealistically thinking, - Steinheist 00:06
And I went in there, idealistically thinking,
S01 • E02 The, let's call it, the old money and the old hands in Stellenbosch - Steinheist 00:09
The, let's call it, the old money and the old hands in ...
S01 • E03 Auditors perform a public service. They operate in the public interest. - Steinheist 00:04
Auditors perform a public service. They operate in the publi...
S01 • E01 I was, and I admit this, - Steinheist 00:07
I was, and I admit this,
S01 • E03 And often auditors forget that they are there to protect the public. - Steinheist 00:06
And often auditors forget that they are there to protect the...
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