By Alec Hogg
Despite it being such a massive financial disaster, there’s also growing entertainment value in the Steinhoff scandal.
The latest twist in this sordid tale has now burst into the open with Tekkie Town’s founder and former Steinhoff Africa exec Braam van Huyssteen starting to vent his spleen. Which is precisely what you’d expect of an entrepreneur cheated out of a billion rand when being conned in to taking fake money (ie Steinhoff shares) for his thriving shoe retailing business.
On the other side, apart from having to explain why Van Huyssteen was summarily dismissed last month, Steinhoff Africa’s directors are struggling to justify why shareholders must pick up a half billion in losses on behalf of the executive share incentive scheme. I’ve been chatting to both sides. And both have agreed to formal on-the-record interviews for next week. These promise to provide some clarity on a complex and pretty confusing situation.
But next to the main event, the Tekkie Town disaster is a side-show. My sources say PwC’s 60 or so forensic auditors who have spent the past six months unravelling the Steinhoff knot have already turned up sensational information. And there’s still another six months to go. Brace yourself South Africa. With jet setting lifestyles, fast women, slow horses, industrial scale skulduggery and a conscience-free sociopath, this saga has “mini series” written all over it.
