BUSINESS NEWS - The former owners and management of Tekkie Town were victorious in the Western Cape High Court today, Monday 29 April, when Judge NC Erasmus interdicted Steinhoff from selling Tekkie Town, or any shares it holds in their subsidiary.
According to the court order, Steinhoff International must exercise its control over Pepkor and Tekkie Town in such a way that Pepkor's shareholding in Tekkie Town is preserved and prevented from being sold or encumbered.
Steinhoff must also prevent Tekkie Town from issuing any further shares in itself.
The sale agreement in terms of which Tekkie Town was sold by Steinhoff to Pepkor Speciality must be preserved and Pepkor is prevented from alienating the business or its assests.
Should Pepkor intend to sell or encumber its shares in Tekkie Town or sell the business, it has to notify all parties that are part of the intended transaction that Tekkie Town is under claim by the former owners of the business.
Former Tekkie Town CEO Bernard Mostert commented, "For us it is a very significant step in our fight to regain the business that was taken from us through fraudulent representation. We are satisfied with the relief that we have under this order until such time when our action to cancel our sale contract of Tekkie Town is concluded and the business is restored to us."
Riaan van Rooyen, Tekkie Town CEO, recently denied rumours of personnel layoffs at the Tekkie Town head office in George.
He said their move to new premises that are being refurbished in the town centre is going ahead, with all the personnel.
Read related articles:
- Application for interdict against Steinhoff, Pepkor
- Former Tekkie Towners respond to Steinhoff report
- Mr Tekkie launched amid trade restraint threat
- Tekkie Town stabilised and expanding
- Mr Tekkie launches while fights for Tekkie Town wage on
- Former Tekkie Town managers interdicted
- Waarheen volgende vir Tekkie Towners
- Tekkie Town 2 in the wings
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