STAR clarifies Tekkie Town claim
Share this article:
JOHANNESBURG - Steinhoff Africa Retail (STAR) said on Sens on Friday that it had taken note of the claim lodged by founders and original shareholders of Tekkie Town against Steinhoff International, the troubled firm reeling from an accounting scandal.
STAR clarified that this claim was not against STAR and that STAR was an independently listed company.
Tekkie Town, originally acquired by Steinhoff International in 2016, was sold to STAR in 2017 prior to its listing. Tekkie Town, one of Steinhoff’s subsidiaries, filed papers in the Western Cape High Court to have its R3.2 billion acquisition by the troubled retailer reversed. The group had received a demand from Tekkie Town amounting to about €120 million (R1.75 billion).