Tekkie Town execs declare war on Steinhoff, Van Huyssteen fires hectic 1st shot

(Also read: Steinhoff paid us with Monopoly money, says ill-sounding Tekkie Town founder)

Tekkie Town senior managers (including the CEO Bernard Mostert, the COO, other top management and staff) abruptly quit on Monday night.

Tekkie Town is owned by Steinhoff Africa Retail (Star).

This follows a month after Tekkie Town founder Braam van Huyssteen was pushed out of the management team and resigned as chairperson of Star’s property division.

Van Huyssteen is contesting Star’s acquisition of Tekkie Town, as the share price of Steinhoff, through which the transaction was incentivised, totally collapsed in the midst of the now famous governance crisis.

Van Huyssteen is planning to evict Star from its premises in George, which he owns.

…Firstly, because I can. They never transferred the lease into the name of Star speciality division. Secondly, I would rather cut my ties with them. I don’t need the rent, and even if I did, I wouldn’t take their money. I want nothing to do with them…

Braam van Huyssteen, Tekkie Town founder

The Money Show's Bruce Whitfield interviewed Mostert, the outgoing CEO at Tekkie Town.

Listen to the interview in the audio below (and/or scroll down for quotes from it).

Increasingly there were forces undermining us… we could no longer deliver results we were accustomed to deliver… it was absolutely the right decision… we need to move on… We couldn’t function properly anymore…

Bernard Mostert, outgoing Tekkie Town CEO

I’ve known Braam for a very long time… he’s a friend and mentor to us… We tried to convince Star management… and I think that led to us being treated in a way that didn’t give us a chance to deliver.

Bernard Mostert, outgoing Tekkie Town CEO

As the senior leadership of Tekkie Town… we did business in a particular way that worked for us…

Bernard Mostert, outgoing Tekkie Town CEO

The number [claims that more than 100 people resigned] looks accurate…

Bernard Mostert, outgoing Tekkie Town CEO

When they decided to exit Braam, for personal reasons in my opinion, I warned there were risks… When Braam and Star picked up this fight… he decided to evict them from the premises… I was the one on who the eviction notice was served… I knew about it, and immediately informed Star…

Bernard Mostert, outgoing Tekkie Town CEO

We know we can no longer fulfil our duties within Star… time will tell if we will start up something… we’ll be spending more time with our families…

Bernard Mostert, outgoing Tekkie Town CEO

It’s so close to my heart, I hope that Tekkie Town is successful!

Bernard Mostert, outgoing Tekkie Town CEO

Get the 10 most-read articles of the week from Bruce Whitfield’s The Money Show, emailed to you every Friday morning:

Subscribe to our Business Wrap Newsletter


Recommended

by NEWSROOM AI
Read More
Positioning your business for success

Positioning your business for success

Positioning your business for success - what does this phrase even mean?

Is SA Express next in line for business rescue?

Is SA Express next in line for business rescue?

SAA has been placed in business rescue and this is placing SA Express in a risky position.

#WEF2020:  Bruce Whitfield live from Davos

#WEF2020: Bruce Whitfield live from Davos

CNN business editor Richard Quest pulled no punches about South Africa when Bruce Whitfield interviewed him in Davos earlier.

This is how you should invest your money for the next decade

This is how you should invest your money for the next decade

Personal Finance - Tips on how to invest your money.

'Act as if you love your children above all else'

'Act as if you love your children above all else'

For the first time, the World Economic Forum ranks the climate crisis as the main risk the world will be facing this decade.

Steinhoff paid us with Monopoly money, says ill-sounding Tekkie Town founder

Steinhoff paid us with Monopoly money, says ill-sounding Tekkie Town founder

Markus Jooste was his “friend” and business partner. The Money Show’s Bruce Whitfield interviews Van Huyssteen.

Popular articles
Earn R4500+ per month by renting out your car to Uber drivers

Earn R4500+ per month by renting out your car to Uber drivers

Flexclub pays you to rent out a car you don’t use to Uber drivers struggling to obtain finance, says cofounder Tinashe Ruzane.