'Ultimately, we want the restoration of our business from Steinhoff' - Tekkie Town's Bernard Mostert

On Friday, the Western Cape High Court declared that a key aspect of Steinhoff’s settlement plan was legally void. Following the judgment - which threatens Steinhoff’s €900 million (R15.2 billion) plan to settle the roughly €10 billion (R169 billion) of claims it is facing in various jurisdictions across the globe - Steinhoff issued a SENS announcement today saying the company is ‘considering the implications of the judgment.’ One of Steinhoff’s victims was retailer Tekkie Town. In 2016, Steinhoff bought Tekkie Town from founder Braam Van Huyssteen for R3.2bn – paying with Steinhoff shares which imploded the following year. In May, Tekkie Town’s former owners launched an urgent application for the liquidation of Steinhoff. Bernard Mostert, the former CEO of Tekkie Town, joined the BizNews Power Hour to chat to BizNews founder Alec Hogg about the recent blow to Steinhoff’s proposed settlement plan and the development of Tekkie Town’s liquidation application against Steinhoff. Mostert notes that in the event of the settlement ‘essentially the benefit and the proceeds of this fraud would be distributed - via hedge funds in the US and Europe - to the likes of pension funds in the US and endowment funds in the US, etc.’ Learn more about your ad choices. Visit megaphone.fm/adchoices