Out of the embers of yet more litigation involving Pepkor Holdings and its parent company Steinhoff emerges the outline of what may be one of the biggest enrichment schemes yet to emerge from within the scandal-ridden retailer. Last week, former shareholders of discount footwear retailer Tekkie Town, led by company founder Braam van Huyssteen, filed court papers in the Western Cape High Court. They’re looking to prevent Steinhoff and its subsidiaries from selling Tekkie Town or issuing further shares until their legal bid to have the business returned to them has been resolved. Those new court papers, together with the FM’s own investigation, reveal how a company that appears not to have been a Steinhoff subsidiary at all borrowed money from Steinhoff to pay the cash portion of Steinhoff’s August 2016 purchase of Tekkie Town. It seems that the shares in Tekkie Town were then transferred through a web of different Steinhoff subsidiaries, during which the value of the business may hav...

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