Markus Jooste.
Image: Supplied.
Streaming giant, Showmax has recently announced that it will be airing two new episodes of the second season of its acclaimed documentary series, "Steinheist", continuing the critical examination of South Africa's largest corporate scandal.
The release coincides with the forthcoming anniversary of former Steinhoff CEO Markus Jooste’s suicide.
Created by Richard Finn Gregory and subtitled: “The wheels of justice have been turning", episodes 4 and 5 will pick up the story when the Reserve Bank seized R1.4bn of Jooste’s assets.
A statement read: "From his 20-year ban and R15m fine from the JSE to his pursuit by German authorities; from his record R475m fine from The Financial Sector Conduct Authority, to his police summons to stand trial, the new episodes trace how the net tightened around Jooste in the build-up to his suicide on a rocky beach in Hermanus on 21 March 2024."
The story does not conclude with Jooste's death. The day following his tragedy marked the arrest of former Steinhoff executive Stéhan Grobler.
The documentary advances the narrative by delving into subsequent asset seizures from key figures connected to Jooste, highlighting a broader investigation into financial crimes that still reverberate within corporate South Africa.
Reflecting on Jooste’s mindset during these tumultuous events, former Coronation Fund Managers CEO Thys du Toit chillingly notes in episode four: "Apparently Markus said to his wife: ‘Give this five years. By then, it’ll have blown over and then we can move on with our lives'."
As the series unfolds, it will reveal that Jooste greatly underestimated the repercussions of his actions.
Key interviews will feature perspectives from notable figures including Lesetja Kganyago, the governor of the South African Reserve Bank and Alex Pascoe of the Financial Sector Conduct Authority, Louis du Preez, the CEO of Steinhoff, author of "Steinheist" Rob Rose and Zwelakhe Mnguni, chief investment officer and co-founder at Benguela Global Fund Managers, who brought the first criminal case against Markus Jooste, among others who were integral to the unfolding drama.
Lesetja Kganyago, governor of the South African Reserve Bank, in the Showmax documentary, "Steinheist".
Image: Supplied.
The documentary encourages viewers to confront difficult questions about accountability and preventative measures for corporate governance in the future.
As academic and activist Khaya Sithole aptly puts it: “People should not be allowed to labour under the impression that it will never happen again ... that means we probably can’t see the next one coming unless we do things differently.”
Produced by IdeaCandy, the initial season set a new standard for documentary film-making in South Africa and won several trophies at the South African Film and Television Awards (Saftas).
“When the first part came out, there was a huge outcry about why nothing had been done, five years after so many people lost their retirement savings,” said Gregory, who happened to be in Hermanus on the day Jooste committed suicide.
“It seems that releasing "Steinheist" added some pressure on the various authorities to make things happen with the case. So it was important to update the story to show that the wheels of justice have been turning, if not quite as quickly as many would have hoped.”
∎ The first two episodes of "Steinheist" season 2 will drop on Thursday, March 20 on Showmax.
Watch the trailer below.