Streaming issues? Report here
John Maytham 2019 1500 BW
Afternoon Drive with John Maytham
15:00 - 18:00
volume_up
volume_mute

Up Next: The Money Show with Bruce Whitfield
See full line-up
Afternoon Drive with John Maytham
15:00 - 18:00
Home
arrow_forward
Business

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

26 June 2018 6:29 PM
Tags:
Steinhoff
Tekkie Town
STAR
Steinhoff Africa Retail
Braam Van Huyssteen
Bernard Mostert
The Money Show’s Bruce Whitfield interviews Bernard Mostert, the outgoing CEO at Tekkie Town.

(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


This article first appeared on 702 : Tekkie Town execs declare war on Steinhoff, Van Huyssteen fires hectic 1st shot


26 June 2018 6:29 PM
Tags:
Steinhoff
Tekkie Town
STAR
Steinhoff Africa Retail
Braam Van Huyssteen
Bernard Mostert

More from Business

160525HoutBayImizamoYethu.jpg

Meet Johnny Miller, the man using drone photography to change peoples' views

18 October 2019 2:46 PM

Photographer Johnny Miller discusses the impact of his moving work and how he captures his eye-opening images.

Share this:
Read More arrow_forward

171127natasha-mazzonejpg

'It turns out DA MP Natasha Mazzone was right about load shedding'

18 October 2019 1:34 PM

Last month, Eskom shut down claims by the Democratic Alliance that load shedding was on the cards.

Share this:
Read More arrow_forward

ea23d8d2-1283-4d6b-9bb6-dc96aad1f1cf.jpg

City says it will re-evaluate R100 lease fee once CT Stadium brings in money

18 October 2019 1:10 PM

Cape Town stadium will be leased to a municipal body that's subsidised by the city for R100 per annum.

Share this:
Read More arrow_forward

cemairjpg

Aviation body re-issues CemAir operating certificates

18 October 2019 11:30 AM

Sacca executive for corporate services Phindiwe Gwebu says the airline has given them an assurance that all issues are resolved.

Share this:
Read More arrow_forward

master-cardjpg

Are 'tap and go' cards safe? Maybe, suggests this case involving Standard Bank

18 October 2019 10:23 AM

Handsfree pickpocketing is a myth, says consumer journalist Wendy Knowler. But risks remain, suggests a case she took on.

Share this:
Read More arrow_forward

Mara Group

Dubai-based Mara Group opens South Africa’s first smartphone factory

18 October 2019 9:18 AM

The Money Show’s Bruce Whitfield interviews Toby Shapshak (Publisher at Stuff magazine) about the R1.5 billion investment.

Share this:
Read More arrow_forward

Divorce

Considering divorce? How to avoid getting poorer in the process

17 October 2019 2:43 PM

Personal finance expert Warren Ingram warns that divorce almost always destroys wealth. Here’s how to not lose your money.

Share this:
Read More arrow_forward

Light bulb against dark background, electricity, load shedding. Image: Pexels.

Eskom management inept says Sasmef, Cosatu calls for board's removal

17 October 2019 1:57 PM

Sasmef president Tebogo Kaas calculates cost of rolling blackouts, while union's Mike Shingange says Eskom board must go.

Share this:
Read More arrow_forward

basetsana-kumalojpg

'We discuss stocks and options with our children at the dinner table'

17 October 2019 1:51 PM

Bruce Whitfield interviews Basetsana Kumalo about her attitude to money (hopes and fears, successes and failures, etc.).

Share this:
Read More arrow_forward

absa-logo-newpng

Absa arranges first US dollar social bond issued by an African corporate

17 October 2019 1:08 PM

The proceeds of social bonds exclusively finance projects that deliver a social impact.

Share this:
Read More arrow_forward