Steinhoff International subsidiary Pepkor has lost yet another round against its former Tekkie Town executives for the control of the sneaker maker. File Photo: IOL

DURBAN – Steinhoff International subsidiary Pepkor has lost yet another round against its former Tekkie Town executives for the control of the sneaker maker after the Western Cape High Court refused its application for leave to appeal against a court order granted in April.

Pepkor wanted to appeal against the interim interdict granted by Judge Nathan Erasmus that prevents Steinhoff and its subsidiaries from taking any action that would prevent the return of a controlling interest in and the business of Tekkie Town to its former founder and management until the main case has been determined.

On Monday, Pepkor said it was not fazed by the setback, arguing that it would not have an immediate impact on its operations.

It said it was planning to take the fight to the Supreme Court of Appeal. 

“Pepkor has repeatedly affirmed that this order has no immediate impact on its operations, as it has no intention of selling Tekkie Town,” Pepkor said. 

“However, out of principle, Pepkor believes that this order infringes on its right to do business and intends to petition the Supreme Court of Appeal for leave to appeal the order.” 

Pepkor said it had been advised that an appeal would have a very good prospect of success. Tekkie Town business is housed under Pepkor in which Steinhoff has a 71 percent stake.  

However, former Tekkie Town executives were happy that the judgment went in their favour once again, and said Steinhoff and Pepkor failed in their attempt to interdict their controversial custodianship of Tekkie Town.

During the hearing, Steinhoff attempted to convince the court that Steinhoff did not, in fact, control Pepkor.

But Pepkor argued that the order was final in its effect and constrained its business. This was despite their original public announcements to stakeholders that the interim order had no effect on Pepkor or Tekkie Town.

Former Tekkie Town chief executive Bernard Mostert said their quest was to restore their interest and control of a business that was built one store and one career at a time through determination and discipline.

“Unlike the Pepkor management’s own case against Steinhoff, which is about money and damages, our quest is for purpose and a platform in which people can fully develop their talents,” Mostert said. 

“We can achieve this only through restoring our interest in and control of Tekkie Town.” 

Mostert said that they had a flood of messages of support.

“Seemingly, South Africans see our story as the face of the fight for justice. We are grateful for the support, and we forge forward,” Mostert said.

BUSINESS REPORT