Pepkor goes to court against Tekkie Town's founders

Tekkie Town, a retail venture founded by Bernard Mostert, is currently embroiled in a legal battle with JSE-listed Pepkor. Pepkor is seeking to block Tekkie Town from opening its first store, scheduled to open in October. The crux of the legal dispute lies in the transaction in which Tekkie Town changed ownership, with Pepkor claiming rights over key personnel now working for Tekkie Town. On the other hand, the Tekkie Town founders, including Mostert, argue that the transaction was never finalized due to financial irregularities and the collapse of the deal. They maintain that the restraints imposed by Pepkor can be challenged. Pepkor has also alleged that Tekkie Town founders conspired to depress Pepkor's share price to facilitate the acquisition by former management of Tekkie Town and have been disrupting the business. Mostert denies these allegations, stating that the share price decline was due to other factors and there was no orchestrated effort to disrupt the business. He mentions that some employees left Tekkie Town due to ethical conflicts and have now formed part of the new venture, Mr. Tekkie. Mostert emphasizes his commitment to creating a successful business despite the legal hurdles. The ongoing court action is expected to be lengthy, with Mostert recently appearing before Parliament to provide insight into the Steinhoff scandal, which is connected to the current situation. Mostert believes that something went wrong in the Steinhoff saga, and it was more than just a simple accounting error, indicating a larger issue within the company's operations.