The Steinhoff crash wiped more than R200bn off the JSE, erased half the wealth of tycoon Christo Wiese and knocked the pension funds of millions of people.
When it was exposed as a house of cards, tales of fraudulent accounting, lavish spending and ructions in the ‘Stellenbosch mafia’ made the headlines. As regulators tally up the cost, Financial Mail editor Rob Rose reveals the real inside story behind Steinhoff. Based on interviews with key players in South Africa, the UK, Germany and the Netherlands – and documents not yet public – Steinheist reveals:
- How Bruno Steinhoff formed the company in the Communist bloc and apartheid South Africa;
- How the ‘Markus myth’ grew thanks to a ‘bit of luck’ in a 1998 takeover;
- How Jooste insiders shifted nasty liabilities off Steinhoff’s balance sheet to present a false picture of the profits;
- How Wiese was lucky to lose only R59bn and; and
- What happened behind closed boardroom doors in the frantic week before Jooste resigned.
