Showmax Releases New Episodes of Steinheist Documentary That Delves into the Aftermath of South Africa’s Largest Corporate Scandal

On March 20, 2025, Showmax will release two new episodes of Steinheist, a documentary series that unpacks the largest corporate scandal in South African history.

The timing is particularly poignant, as it falls just one day before the first anniversary of Markus Jooste’s tragic death.

These new episodes promise to take viewers deeper into the aftermath of the scandal that rocked the financial world.

The Steinheist Scandal and Its Impact

Markus Jooste, the former CEO of Steinhoff, was at the heart of the financial storm that caused over R200 billion to vanish from the Johannesburg Stock Exchange (JSE).

This massive loss had severe consequences for many South Africans, particularly affecting their pensions and investments.

In December 2017, Steinhoff’s share price plummeted by 90% after Jooste resigned amidst investigations into accounting fraud.

The scandal, often referred to as South Africa’s version of Enron, was a devastating blow to the country’s financial reputation.

The Fall of a Retail Giant

Steinhoff, a once-thriving retail giant with brands like Ackermans and PEP under its belt, lost its value nearly overnight.

The documentary series Steinheist, produced by IdeaCandy (the creators of Devilsdorp), first aired in 2022 and has now been expanded with two additional episodes.

These new episodes focus on the ongoing pursuit of justice following Jooste’s resignation and explore the aftermath of the scandal in more detail. Director Richard Finn Gregory highlights the slow but steady progress in bringing those responsible to account.

The Latest Episodes: Uncovering New Developments

The newly released episodes, 4 and 5, pick up the story where it left off, detailing important developments such as the Reserve Bank’s seizure of R1.4 billion in assets from Jooste. They also cover his R15 million fine and 20-year ban from the JSE, along with a record R475 million fine imposed by the Financial Sector Conduct Authority.

The episodes delve into Jooste’s pursuit by German authorities and his eventual police summons.

Despite his death, the scandal continues to unravel, shedding light on the true extent of the corruption.

A Chess Game of Corporate Fraud

The story is far from over. After Jooste’s death, former Steinhoff executive Stéhan Grobler was arrested, and R60 million in assets were seized from Bernice Odendaal, Jooste’s alleged mistress.

These new episodes dive into the prosecutions for insider trading in South Africa, the fraud convictions in Germany, and the sentencing of Ben la Grange, Steinhoff’s former CFO. As BizNews editor Alec Hogg aptly puts it, the situation is like a chess game.

“The game is not over. There are still other pieces on the board.”

Christo Wiese, former chair of Steinhoff, echoes this sentiment, acknowledging that Jooste couldn’t have carried out the fraud alone. The real question is: who were his accomplices?

Interviews with Key Figures in the Scandal

The second instalment of Steinheist features interviews with important figures like Lesetja Kganyago, governor of the South African Reserve Bank, and Zwelakhe Mnguni, who brought the first criminal case against Jooste. Rob Rose, the author of Steinheist, also offers his insights into the case.

Episode 5 concludes with a critical question: how can such corporate scams be prevented in the future?

Khaya Sithole, an accountant and activist, warns that we shouldn’t believe it’s impossible for another scandal like this to happen again.

“We didn’t see this one coming, and that means we probably can’t see the next one coming unless we do things differently,” he cautions.

Steinheist’s Critical Acclaim

Steinheist has already earned widespread praise, becoming the most-nominated documentary at the SAFTAs.

Director Richard Finn Gregory and producer Elle Oosthuizen won the prestigious Sanlam Group Financial Journalist of the Year award for their work on the series.

As the new episodes premiere, they serve as a stark reminder of the devastating effects of corporate greed and the importance of holding powerful individuals accountable.

A Deep Dive into South Africa’s Most Infamous Financial Scandal

With its gripping narrative and timely release, Steinheist is sure to captivate audiences once again, offering an even deeper look into one of South Africa’s most infamous financial scandals.

The series not only explores the events surrounding the downfall of Steinhoff but also asks tough questions about the systems in place to prevent such corporate fraud in the future.