Many of the characters in the Steinhoff group collapse drama lived within shouting distance of one another in the Boland.
On 5 December 2017 the Steinhoff group was still worth R193 billion and one of the top ten biggest companies on South Africa’s stock exchange.
It was the darling of investors and the name was emblazoned on the shirts of the national Springbok Sevens rugby team. Twenty-four hours later more than R117 billion of this fortune was wiped out. The total value of the loss (including associated companies which were affected) has since been estimated at more than R300 billion. The Steinhoff Empire, which took 50 years to build into an international business giant, had crashed overnight.
At the centre of the disaster is Markus Jooste, Steinhoff’s flashy CEO, known – amongst others – for owning the second largest string of racehorses in the world, after the Sheik of Dubai.
Jooste resigned as the crisis hit and has since been dodging an avalanche of scandals and accusations. What exactly happened here and who knew what is still being puzzled out, but one question has been: Does this all have something to do with the so-called “Stellenbosch mafia” and in fact, who is the “Stellenbosch mafia”?
Denne historien er fra March 2019-utgaven av Skyways.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra March 2019-utgaven av Skyways.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Fit For Purpose
Changing legislation offers a range of opportunities in the health sector
Good For Grinches
Finally! A holiday season Scrooge himself can invest in
A Paradise In The Wilderness
Visitors find freedom at Treedom on the Garden Route
Do It For The Kids
Parenting styles play an important role in helping children develop through the pandemic and beyond
Trekking With Teens
Travelling with adolescents comes with a unique set of challenges
Know Your Mind
Our brain uses shortcuts to think quickly but, sometimes, these mental timesavers let us down. Dr Pragya Agarwal discusses the science of cognitive biases, and why it’s more important than ever to understand how they hold sway over our views
Infected With The Travel Bug Again
As tourism-related establishments up their game to ensure visitor health and safety, it’s possible to feel positive about travelling again
Star attraction
Greater Kruger lodge makes a spectacular first impression
Palala position
The effect of the past on the present is positively felt in a luxury Waterberg lodge
Can the spam!
Irrelevant advertising will almost certainly turn consumers against your product
