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Steinhoff comes out guns blazing after Tekkie Town's bid to liquidate the embattled group

The Tekkie Town founders have turned to the courts - again - in their battle against Steinhoff, this time applying for its liquidation. It is just the latest in a long-running and complex saga where the winners are lawyers and accountants.

Steinhoff chief executive officer Louis du Preez addresses a presentation to investors in Cape Town, South Africa, 13 August 2019. Reuters/Mike Hutchings/File Photo

An application has been filed in the Western Cape High Court for the liquidation of Steinhoff International Holdings, which if successful, could prejudice the complicated settlement process currently being considered by a Dutch court.

The urgent application has been brought by Bernard Mostert, former CEO of Tekkie Town, on behalf of the founder of Tekkie Town, Braam van Huyssteen, and other investors in that business.

Mostert & Co have been pursuing claims against Steinhoff for the return of Tekkie Town, now part of Pepkor, or for fair recompense since Steinhoff imploded in December 2017. The process is still under way and, despite both sides scoring body blows against one another, has not been resolved.

Continue reading the full article on Daily Maverick.


Daily Maverick
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