Steinhoff ready to oppose liquidation application by ex-Tekkie Town execs
By Sandile Mchunu
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DURBAN - Steinhoff International said yesterday it would oppose an urgent liquidation application filed by former Tekkie Town executives in the Western Cape High Court.
The Tekkie Town executives have requested the matter to be heard on an urgent basis on May 24.
The standoff between the two parties is a result of the December 2017 accounting scandal, which led to a more than 95 percent decline in Steinhoff’s share price following the admission to irregularities.
Steinhoff acquired Tekkie Town for R3.2 billion in 2016 from founder Braam van Huyssteen and former executive in exchange for Steinhoff shares.