Steinhoff’s share price has fallen by more than 95% since the news of its accounting scandal broke, and its African retail arm has not escaped unscathed.
Steinhoff Africa Retail (Star) reported that its interim earnings had almost halved. However, the company is trying to assert its independence.
Braam van Huyssteen, the found of Tekkie Town, one of the companies in the Star stable, has initiated legal action against both Steinhoff and Star and is looking to reverse the acquisition the company made of Tekkie Town in 2016.
Van Huyssteen spoke to Business Day TV to provide more insight into some of the governance issues at Star and Steinhoff.
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