Steinhoff chairman Christo Wiese provides an inside glimpse into the largest company rip-off in South Africa explored in Showmax’s documentary Steinheist.
‘STEINHEIST’
A driving drive within the success tales of PEP and Shoprite, Wiese was as soon as the richest man in South Africa. In the phrases of Financial Mail editor Rob Rose, who wrote the e book of the identical title that Steinheist is tailored from, “He was the Warren Buffet of South Africa.”
Wiese stays a billionaire regardless of reportedly shedding the majority of his wealth within the Steinhoff crash, when the share worth plunged by 90% in every week in December 2017 after CEO Markus Jooste resigned amid an investigation into accounting irregularities. This wiped over R200 billion off Johannesburg’s inventory alternate, the JSE – and off peculiar South Africans’ pensions and investments.
“While the numbers involved are jaw-dropping, we knew we wanted to keep the focus on the people involved,” mentioned director Richard Gregory.
“In Steinheist, Christo Wiese speaks very candidly about everything that happened, which is as close to getting the story straight from the horse’s mouth as we could have hoped for,” continued Gregory.
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CHRISTO WIESE’S BEST QUOTES
Here are some notably quotable Christo Wiese gems from Steinheist
- On whether or not he is aware of how rich he’s, inside the closest billion – I don’t know as a result of my expertise has been that typically individuals who know the way a lot they’re value should not value a hell of so much.
- On getting wealthy vs staying rich- There’s getting wealthy… Easy. Staying wealthy? Much harder.
- On his response to the Steinhoff crash – When I regarded myself within the mirror after the horrible information from Steinhoff, I made a decision I must discover clear guideposts to get via this one. Number one: I don’t mourn the lack of cash, as a result of cash you make, you may lose and you may attempt to make once more. Secondly, I depend my blessings. And thirdly, I’m not going to turn out to be a bitter individual, as a result of no person needs bitter folks round them.
- On proudly owning wine farms, and promoting Lanzerac to Markus Jooste for Steinhoff shares –
- I all the time inform folks, one wine property is one too many… To have two is near a nightmare.
- On Markus Jooste’s alleged affair – I don’t wish to sound like a goody two-shoes, however that’s a no-no… For a CEO to have an affair recognized to his subordinates is a no-no. I fired no less than two senior executives due to that. Because you lose the belief of the those that report back to you. If he might mislead his spouse of 40 odd years daily, why wouldn’t he mislead me? You know that may’t be tolerated.
- On the aftermath of the tax raid earlier than Steinhoff’s itemizing on the Frankfurt Stock Exchange – When that raid occurred, the board of Steinhoff appointed one of many largest forensic investigator companies in Germany to interrogate each one of many allegations made. They nonetheless gave me a report, and the board, that it’s all nonsense: Jooste’s model is the reality… Again, the Jooste black magic… It’s the one clarification. Because these folks had by no means carried out enterprise with Steinhoff. There was no relationship.
- On whether or not he sees Steinhoff as the largest mistake of his in any other case stellar profession – It is the largest mistake by a rustic mile… What it value me in financial phrases, however what it value additionally in reputational phrases, it’s by a rustic mile the largest mistake.
- On Markus Jooste – Obviously, he’s a really, very good operator, and with nerves of metal. How do you do that for 15 years? And it’s a must to get via all these gatekeepers? This isn’t a traditional individual. You’ve bought to be an artist, realizing each button to push with each individual.
- On what the Steinhoff board ought to have carried out in a different way– There is not any foolproof safety in opposition to a CEO who’s a criminal.
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