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Why did it never happen in 50 years in my other businesses?
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Steinheist

Why did it never happen in 50years in my other businesses?

Why did it never happen in 50
years in my other businesses?

Full Transcript

00:00:01.000 --> 00:00:05.052
Why did it never happen in 50 years in my other businesses?
Duration
6 seconds
Views
25
Timestamp in Movie
00:22:54
Uploaded
Apr 29, 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 Yeah, we went on a few... - Steinheist 00:05
Yeah, we went on a few...
S01 • E01 For instance his purchase of Pat Cornick, - Steinheist 00:12
For instance his purchase of Pat Cornick,
S01 • E02 Now, you know, that's when you really get to know people, - Steinheist 00:13
Now, you know, that's when you really get to know peopl...
S01 • E03 There was a long history of the Steinhoff management team - Steinheist 00:19
There was a long history of the Steinhoff management team
S01 • E01 They started talking to me - Steinheist 00:11
They started talking to me
S01 • E02 But there was nothing that he did that appeared to upset me. - Steinheist 00:05
But there was nothing that he did that appeared to upset me.
S01 • E01 Bruno Steinhoff was there. I met him. - Steinheist 00:19
Bruno Steinhoff was there. I met him.
S01 • E03 No company wants to have liabilities that negatively affect its bottom line, - Steinheist 00:09
No company wants to have liabilities that negatively affect ...
S01 • E02 But my impression was that it was very difficult for people to challenge him. - Steinheist 00:06
But my impression was that it was very difficult for people ...
S01 • E02 I think Markus Jooste was too crass. I think he was too gruff. - Steinheist 00:06
I think Markus Jooste was too crass. I think he was too gruf...
S01 • E03 They're called off balance sheet transactions, an accounting loophole - Steinheist 00:10
They're called off balance sheet transactions, an accou...
S01 • E01 And we would swap two shares of Steinhoff for one of our shares - Steinheist 00:10
And we would swap two shares of Steinhoff for one of our sha...
S01 • E02 So allegedly, the fact that Markus Jooste did have a mistress in Berdine Odendaal - Steinheist 00:10
So allegedly, the fact that Markus Jooste did have a mistres...
S01 • E03 In the case of Steinhoff, - Steinheist 00:15
In the case of Steinhoff,
S01 • E02 And I think that's a function of the fact that when you fly as high as Jooste did, - Steinheist 00:10
And I think that's a function of the fact that when you...
S01 • E01 We're going to be hearing quite a lot of financial jargon as we go along. - Steinheist 00:06
We're going to be hearing quite a lot of financial jarg...
S01 • E03 Steinhoff decided to sell these companies to a third party to remove this risk. - Steinheist 00:23
Steinhoff decided to sell these companies to a third party t...
S01 • E01 When a company wants to buy assets, it could do so in a few ways. - Steinheist 00:07
When a company wants to buy assets, it could do so in a few ...
S01 • E02 And when those stories started coming out, it was obviously held up - Steinheist 00:14
And when those stories started coming out, it was obviously ...
S01 • E01 It could pay cash, use debt, - Steinheist 00:07
It could pay cash, use debt,