Tekkie Town founders push for Steinhoff liquidation

The former owners of Tekkie Town filed papers with the high court in Cape Town on Thursday detailing their intention to oppose Steinhoff’s R24bn settlement with claimants in SA, Germany and the Netherlands.

The court is scheduled to review the settlement on September 30. If approved it will end more than 100 litigation cases against Steinhoff that were instituted after accounting irregularities emerged in 2017, plunging the global retailer into SA’s biggest corporate fraud.

Bernard Mostert and Braam Huyssteen, who sold their footwear chain to Steinhoff, are separately applying for Steinhoff to be liquidated, saying they were duped into selling Tekkie Town in exchange for shares that the global retailer knew were worthless. Mostert argues that the settlement cannot be finalised while the liquidation matter is incomplete.