Steinheist a 3 part documentary series is produced by IdeaCandy and directed by Richard Finn Gregory.
Steinheist puts all the pieces of the Steinhoff scandal together for the first time.
Using Financial Mail editor and author Rob Rose as our guide, we venture into the world of intrigue and scandal, playboy billionaires and lavish lifestyles, to get an insider’s view on how horseracing-obsessed CEO Markus Jooste allegedly caused the largest corporate implosion in South Africa’s history.
Steinhoff’s origins are unpacked: started by a risk-taking German businessman willing to trade where others wouldn’t, early partners give insight into the stratospheric growth of the company – as well as the seeds of its ultimate downfall.
As Steinhoff becomes a major global player in the furniture industry, ex-executives describe the financial shenanigans that papered over the cracks and persuaded some of South Africa’s most esteemed billionaires, like Christo Wiese, to do eye-wateringly large deals with the company.
Against a backdrop of Markus Jooste’s dominance of the horseracing industry, we learn why there were a few analysts and short-sellers who didn’t believe his hype, and foresaw the impending collapse. When the crash finally arrives in 2017, the events are unpacked like a crime procedural to bring clarity to those critical days where over R200 billion of value was lost – including to the pension funds of government employees.
With the aftermath of the scandal still unfolding in the present day, we explore the multiple systems failures that led to the fall of the house of cards: the Board that was asleep at the wheel, the auditors who missed all of the red flags, and the captains of industry who were distracted by their unspoken membership of an elite boys’ club.
Finally, we tackle the big questions that linger: what motivated Jooste, who allowed it to happen, and why does he still walk around as a free man.
Episode 1 : ‘Thoroughbred’
Steinhoff, a humble furniture company led by hotshot accountant Markus Jooste, bets big on acquisitions that put it in the global spotlight. Many are taken in by this enigmatic CEO.
Episode 2 : ‘Trojan Horse’
Steinhoff tries to overtake IKEA with eye-wateringly large deals, while Markus Jooste indulges in a billionaire playboy lifestyle – until tax investigations lead to a twist that rocks the corporate world.
Episode 3 : ‘The Billionaire Bookie’
The abrupt resignation of CEO Markus Jooste and the catastrophic crash of Steinhoff leaves many across South Africa and the world baying for Jooste’s blood.