Tekkie Town vendors in new win over Steinhoff
DURBAN – Former Tekkie Town executives have claimed another victory over Steinhoff International after the Western Cape High Court ruled in their favour.
The Tekkie Town vendors brought the urgent application in the Western Cape High Court on April 25, seeking to interdict Steinhoff until such time as a ruling in their main action has been handed down.
Judge Nathan Erasmus yesterday handed down the reasons that underpinned his order interdicting and restraining Steinhoff from dealing with the shares it holds directly or indirectly in any of its subsidiaries or any juristic persons related to it, including Pepkor Holdings and Pepkor Speciality, in any way that would prevent the possible restitution of the business and shareholding to its founder Braam van Huyssteen and the other previous owners of Tekkie Town.
“As it is apparent from the agreement itself that insofar as it relates to the applicants that it was the exchange of the entire shareholding together with the business operated by it for shares in the first respondent (Steinhoff) that turned out to be fool’s gold as a result of misrepresentations made by Jooste on behalf of Steinhoff. In my view the applicants made a proper case for both urgency and the harm they seek to prevent,” Judge Erasmus said.
Van Huyssteen and his partners were duped into accepting restricted Steinhoff shares in exchange for a controlling interest in Tekkie Town.