Steinhoff is facing a liquidation challenge in the Western Cape High Court which has been brought forward by the former owners of shoe retailer, Tekkie Town.

Tekkie Town says it was duped into swapping its share with Steinhoff shares before the collapse of Steinhoff in 2017.

In a statement on Thursday, Steinhoff said the final settlement vote for a R24-billion settlement plan with its shareholders would take place ‘later’.

Former Tekkie Town owners’ victory in attempt to liquidate Steinhoff’s liquidation:

If the 75% vote is achieved, the settlement will see litigants drop all current and future legal actions against the embattled retailer.

Former Tekkie Town CEO Bernard Mostert says: “In terms of what has been lost, our portion of the value is R1.8 billion. Then there’s an issue of the earn-out that we have against Steinhoff subsidiary formerly Steinhoff Africa retail, now called Pepkor and that amounts to you know in our estimation that would have amounted to about a billion rand.

It is mind-boggling to think that you could be defrauded many people who were people on the inside of Steinhoff apparently and also people on the outside of Steinhoff like ourselves. And then that you would somehow accept a settlement for cents and a rand.”