[imagesource: Twitter / Carte Blanche]

As far as Steinhoff goes, whilst the company isn’t dead in the water, its reputation will forever be tainted.

Still, Steinhoff’s executives continue to be handsomely rewarded, and whilst Markus Jooste looks to be facing heat via a German investigation, the wheels of justice are turning at a speed that leaves much to be desired.

A full three-and-a-half years since Steinhoff crashed, in what is arguably the biggest corporate scandal in our country’s history, and nobody is behind bars.

In amongst the rubble, Tekkie Town is fighting a legal battle of its own, recently filing an urgent application in the Western Cape High Court to have Steinhoff liquidated.

The owners argue that they were fraudulently induced to sell their business to Steinhoff in 2016, receiving stocks in exchange, which they agreed not to sell for a period of three years.

Yeah, that turned out to be a very bad business decision.

More from Carte Blanche:

Currently, Steinhoff faces about 90 separate legal proceedings in claims that exceed R136 billion. Steinhoff has proposed a global settlement agreement, but some claimants are unhappy with it and are taking their battles to court.

In the latest application, the founders of Tekkie Town want to liquidate the retailing giant in the hope of restoring some of what they have lost.

I find the opening shot, calling Tekkie Town founder Braam van Huyssteen a “back to basics kind of guy” as he pulls up in his Bentley, rather amusing.

But still, a report worth watching, and a reminder that everyday South Africans were also nailed by the collapse of Steinhoff:

[source:carteblanche]