For our TV show of the week, we have picked Showmax’s new docuseries “Steinheist”.
The true crime docuseries tells it all about what is considered the biggest corporate scam in South African history.
From the producers of Devilsdorp, Steinheist untangles the story of the collapse of Steinhoff, an event that wiped R200 billion of value off the Johannesburg Stock Exchange, the JSE. Under the leadership of CEO Markus Jooste, the company, originally founded by German businessman Bruno Steinhoff, went on an acquisition drive that saw it purchase some of the world’s best-known brands. From PEP, Ackermans and Timbercity in South Africa to Poundland in the UK, Steinhoff aimed to dominate the retail scene. But in December 2017, it all came crashing down.
On 5 December 2017, CEO Markus Jooste resigned amid an investigation into accounting irregularities, and Steinhoff’s share price plunged by 90% in a week.
The doccie is based on the book by journalist Rob Rose, and features a cast of people closest to the scandal: former and current Steinhoff execs; journalists and pundits from the worlds of finance and horse racing; analysts and finance experts and experts brought in to give insight into this could ever have happened.
You can watch the docuseries streaming now on Showmax.
Here’s a trailer to get you started:
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