Court bid to get Steinhoff liquidated

The former Tekkie Town owners, including founder Braam van Huyssteen, want Steinhoff liquidated.

They have lodged an urgent application with the Western Cape High Court in Cape Town as the knives come out in a bid to recoup losses they suffered when Steinhoff collapsed.

The Tekkie Town Group has tried in several courts to get R1.86 billion back from Steinhoff which it lost in 2016, when it sold Tekkie Town shares to Steinhoff for R3.2 billion.

The Steinhoff shares it received as payment became worthless when the company collapsed due to accounting irregularities and the resignation of chief executive Markus Jooste.

Steinhoff is planning a vote next month on its scheme to settle about 100 legal claims that will offer claimants a share of R17 billion as settlement in one process instead of single court cases. This would mean Tekkie Town would receive a “meagre” R100 million.

This latest attempt for compensation will be heard 24 May.

Steinhoff International Holdings said it would oppose the Tekkie Town application and “vigorously defend” any attempt to disrupt the proposed global settlement and its ongoing Dutch suspension of payments.