Former Tekkie Town CEO, Bernard Mostert says he and his partners have applied to the Cape Town High Court prevent Steinhoff from selling the sneaker business.
In an interview with CapeTalk's Kieno Kammies, Mostert says they hope the court will support them in this battle against Steinhoff.
Steinhoff recently released a short overview of its Pricewaterhouse Cooper report into alleged fraud at the company.
The report led Bernard and his partners to take legal action.
What we want now is to stop any transaction that would see our old and formal business be used as collateral like a bond of a house.— Bernard Mostert, Co-founder - Mr Tekkie
We know when the court hears us and look at the transactions that happened at Steinhoff, (it will agree) we were grossly misled.— Bernard Mostert, Co-founder - Mr Tekkie
The application will be heard on 25 April by the Cape High Court.
If successful, that action will stop Steinhoff from selling and cashing in on Tekkie Town and also place restrictions on the way Steinhoff International deals with Pepkor shares in South Africa.
To hear the conversation with Mostert, listen below: