Tekkie Town: EXCLUSIVE: Tekkie Town hauls Steinhoff to court

The former owners of Tekkie Town — led by founder Braam van Huyssteen and CEO Bernard Mostert — have filed court papers for claims relating to an "earn-out" scheme they say was agreed to by Steinhoff Africa Retail (Star). An earn-out is a provision written into some transactions where the seller later gets an additional payment based on the performance of the business at that time. Star bought Tekkie Town for R3.2bn in 2016, to be paid in shares, an acquisition Van Huyssteen now wants reversed. He recently resigned from his role as chair of Star’s property division.