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.

The Money Show’s Bruce Whitfield interviewed Van Huyssteen.

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

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This article first appeared on 702 : Steinhoff paid us with Monopoly money, says ill-sounding Tekkie Town founder


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