Steinhoff’s missing R273m
The company’s 2016 acquisition of Tekkie Town has left a hole of R273m in Steinhoff’s accounts
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...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.