Steinhoff and Pepkor today failed in their attempt to obtain leave to appeal against the interim interdict directing their controversial custodianship of Tekkie Town.
In handing down his ruling in the Western Cape High Court, Judge Nathan Erasmus said it was evident that the order was framed particularly in such a way that it only relates to the control that Steinhoff exercises over its subsidiaries including Pepkor and Tekkie Town.
During the hearing, Steinhoff attempted to convince the court that Steinhoff did in fact not control Pepkor and Pepkor argued that the order was final in its effect and constrained its business. This despite their original public announcements to stakeholders that the interim order had no effect on Pepkor or Tekkie Town.
Judge Erasmus pointed to the fact that the Steinhoff company structure plainly reveals that Steinhoff can exercise control over Pepkor and its subsidiaries. He also emphasized that the interim interdict was clearly not final in its effect and on that basis alone not appealable.
In their submissions and during the hearing, the legal teams of Steinhoff and its subsidiary Pepkor – arguing side by side – steered far clear from any mention of the monstrous serial fraud which underpinned Steinhoff’s false value for many years.
“Following Friday’s hearing and in anticipation of today’s outcome we have had a flood of messages of support. Seemingly South Africans see our story as the face of the fight for justice. We are grateful for the support and we forge forward,” said former Tekkie Town CEO Bernard Mostert. “This morning messages of congratulations flooded in.”
“One of the messages Braam received this morning from a captain of industry read; “Brilliant news Braam… and just reward for keeping going with your deserved fight for restitution. Deep down, the executive of Steinhoff and Pepkor know that you are right…yet they fight to hold on to an asset that is wrongfully in their hands. You will prevail, my friend, all strength 💪🏼 to you and your colleagues!”
“Our quest is to restore our interest and control of a business that was built one store and one career at a time through determination and discipline. Unlike the Pepkor management’s own case against Steinhoff which is about money and damages, our quest is for purpose and a platform in which people can fully develop their talents. We can achieve this only through restoring our interest in and control of Tekkie Town,” said Mostert.