Former Tekkie Town CEO asks court to block Steinhoff's R25bn settlement plan

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The former owners of Tekkie Town want their business returned to them.
The former owners of Tekkie Town want their business returned to them.
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Bernard Mostert, the former CEO of shoe retailer Tekkie Town, is continuing his bid to try to stop retailer Steinhoff from clinching a deal to pay out billions of rands to claimants in return for dropping all claims against the group. 

On Wednesday, Mostert - who is also involved in a separate bid to have Steinhoff liquidated - lodged an affidavit in the Western Cape Town Court opposing Steinhoff's application to have its R25-billion settlement proposal made binding. 

Under the proposal, litigants will be paid out a proportion of their verified claims stemming from the dramatic drop in Steinhoff's share price. They will have to drop all legal challenges against the retailer, which will not admit any liability.

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