Showmax series Steinheist, a documentary that goes deeper into unpacking the biggest corporate scam in South African history, explores one of the most controversial and riveting occurrences in the country’s colourful history.
The series explores how the net tightened around former Steinhoff CEO Markus Jooste in the build up to his suicide on March 21 2024.
Director Richard Finn Gregory believes the new episodes will show that the wheels of justice do turn.
State capture eroded faith in justice system
“We had a rough time during the state capture years. That was when South Africans started to lose faith that our country could actually prosecute crimes and make a dent in corruption. But the new episodes show that our public institutions do have teeth. And they are able to prosecute, eventually. So, audiences will be left with some optimism that justice can happen in South Africa,” said Gregory.
Gregory also hopes the prosecution of those involved will send a clear message to the international community that South Africa is able to prosecute crimes.
Episodes 4 and 5 pick up the story a month after the documentary series’ initial 2022 release. That was when the Reserve Bank froze R1.4bn of Jooste’s assets.
This was followed by his 20-year ban and a R15-million fine from the JSE. His record R475-million fine from The Financial Sector Conduct Authority and his police summons to stand trial. Also the seizure of R60-million of assets from Berdine Odendaal, his alleged mistress.
Series exposes how justice system dealt harshly with offenders
“When the first episodes were released, people would say, ‘It’s been five years since the scandal, and there’s been no action taken’. So we try to show in these episodes what was already happening [away from] the public eye,” added Gregory.
The episodes feature Lesetja Kganyago, governor of the South African Reserve Bank. Also Alex Pascoe, head of market abuse at the Financial Sector Conduct Authority.
“We try to lift the lid on what was really happening behind the scenes. Like the court orders that were being issued in secret. Hopefully that just gives us a little more confidence that when there’s a major crime like this, the authorities are working on it. Even if they can’t reveal their hand to the public just yet.”
Markus Jooste’s accomplices in crosshairs
The episodes also explore the ongoing attempts to recover the money and bring Jooste’s accomplices to justice. These included insider trading prosecutions in South Africa and fraud convictions in Germany. Also the arrest of former Steinhoff executive Stéhan Grobler. The sentencing and plea deal of Ben la Grange, Steinhoff’s former chief financial officer.
“At the end of the first three episodes, we were pretty convinced Markus Jooste did it. But we were left with the question of who else was involved. We manage to answer that question in these episodes. And we now got a clear idea of exactly what the scams were and who was involved,” he said.
“There are some high profile people who are in jail who have turned state witness. They are helping prosecutors with all the evidence they need to prosecute more people. From here on out, I think we can just continue watching the news. We will see who the next high profile arrest is going to be, because I’m pretty sure there will be more.”
Broadening perceptions about corruption in SA
“The Steinhoff scandal will be remembered for broadening people’s thinking about corruption in South Africa.
“Up till that point, we had thought of corruption in this country as being linked to the government and the public sector. Things like Nkandla, the Guptas, and state capture. So when Steinhoff blew open, it made us rethink corruption in South Africa. That this was also in the corporate sector.”
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