Steinhoff paid us with Monopoly money, says ill-sounding Tekkie Town founder
Tekkie Town founder Braam van Huyssteen resigned last week as Chairperson of Steinhoff Africa Retail’s (Star) Property division.
Steinhoff bought Tekkie Town for R3.2 billion in 2016, an acquisition Van Huyssteen now wants reversed.
Van Huyssteen remains Chairperson of the Speciality Fashion and Footwear division (Steinhoff) under which Tekkie Town still remains.
I question whether all the senior members of the board have an understanding of what their fiduciary duties are, and whether the quality of the due processes they implement during contractual and employment disputes is of a high enough standard. I also question whether they have adequately disclosed all material information to the market. I think we need to closely examine the standard of corporate governance in the company and specifically the integrity of some of the senior executives. They have made my position totally untenable, hence my resignation.Braam van Huyssteen, Tekkie Town
Van Huyssteen founded Tekkie Town in 1989.
He was voted the 2011 South African Entrepreneur of the Year.
Listen to the interview in the audio below (and/or scroll down for quotes from it).
Things don’t always pan out like you think they will… We’ve been paid with Monopoly money…Braam van Huyssteen, Tekkie Town
It’s a very unpleasant situation… what makes it worse is we find ourselves in the old Pepkor structure… It’s a situation of water and oil… We’ve taken legal advice… We’re taking action against Steinhoff and Star… A lot of attorneys will be very busy…Braam van Huyssteen, Tekkie Town
We [Van Huyssteen and Markus Jooste] met out on the racecourse… We have a mutual passion…Braam van Huyssteen, Tekkie Town
We didn’t foresee the catastrophe… We used the best legal advice. We looked at all the angles, but like Dr Wiese we were all surprised… it’s difficult to believe how the peanut gallery… knows what went wrong…Braam van Huyssteen, Tekkie Town
How on Earth can one man be the author of such a calamity?Braam van Huyssteen, Tekkie Town
No, not in my book [when asked if Jooste is a ‘crook’]… He apologised to me, and said he’ll never be able to look me in the eye again… We’ve had contact, but it’s a very awkward time… I’ve been through this before, I was a neighbour of Hansie Cronje!Braam van Huyssteen, Tekkie Town
Star received our business, our stock, our stores… but they do not want to honour a performance based incentive!Braam van Huyssteen, Tekkie Town
They unilaterally removed me from everything… I’m without a business or job…Braam van Huyssteen, Tekkie Town
Tekkie Town is doing well, but I don’t see that it will last very long…Braam van Huyssteen, Tekkie Town
One can never look back… At the time, with the information at hand, I believe I did as well as I could...Braam van Huyssteen, Tekkie Town
It’s not my place to judge him [Markus Jooste]… He told me that I can ask him whatever I want to… I had no reason to ask him.Braam van Huyssteen, Tekkie Town
Enjoy The Money Show, but miss it sometimes?
Get the best bits emailed to you daily, right after it ends:
Concerns have been raised over the impact of booze on trauma admissions since the ban on sales was lifted in June.Read More
Eskom is implementing stage two load shedding for a second day, while technicians work to bring generating units back online.Read More
More generating units have broken down, resulting in the utility battling to meet the high demand for electricity.Read More
Pavlo Phitidis says focus must be on the customer group you are trying to reach. You've got to get your demographics right.Read More
Though leaving corporate to venture into tourism has been a big test of resilience, she is still happy with her decision.Read More
Lumkile Mondi says skills and knowledge that have driven a lot of the growth in the past are going to be undermined.Read More
This follows several delays which saw the Gauteng government throw the book at the city’s council threatening to place it under administration.Read More
Need the inspiration to save? The Money Show’s Bruce Whitfield interviews “Supersaver Julia” at around 7:15 pm tonight.Read More
Absa CEO Daniel Mminele says they had to transition very quickly within a very space of time into operating in a new normal.Read More
Wendy Knowler says it is expensive to issue or bank a cheque. For example, to deposit a cheque can cost well over R100.Read More