Another day, another Steinhoff story. That’s great for traders (Steinhoff is one of the most closely tracked shares), for journalists, who are easily drawn into high dramas, and for lawyers, who are drumming up millions of rand of business by the day. It is not such good news for Steinhoff, or for almost anyone related to Steinhoff — such as 71%-held Steinhoff Africa Retail (Star), which just wants to get on with its old day job. The latest development is Tekkie Town has served a summons on Star relating to a claim in respect of an alleged earn-out agreement. As the Star guys tell it, the earn-out agreement was something conjured up between former Steinhoff CEO Markus Jooste and Tekkie Town founder Braam van Huyssteen; they’re not even sure it’s a written document. Obviously, the Tekkie Town team is confident it has a firm claim. If cooler heads were allowed to prevail, the obvious solution would be to unbundle Tekkie Town out of Star and let them go their separate ways. But the web...
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