Former Tekkie Town boss spurns Steinhoff’s sweetener
The improved offer absolves role players from facing prosecution, says Bernard Mostert
Bernard Mostert, former CEO of retail footwear company Tekkie Town and one of the aggrieved parties in Steinhoff’s handling of the fallout of its more than R100bn accounting scandal, has rejected the sweetened global settlement offer that the beleaguered retailer has put on the table.
In 2016, Mostert and founder Braam van Huyssteen sold their 59% stake in Tekkie Town in exchange for Steinhoff shares, which were subsequently rendered worthless when accounting fraud came to light in December 2017. Their shares were worth about R1.85bn when the deal was concluded back in 2016...