Drip footwear founder Lekau Sehoana is embroiled in a shares debacle with investor Alfred Mashiya.
Popular Mzansi footwear brand Drip is at the centre of an ownership battle between the founder Lekau Sehoana and an alleged investor Alfred Mashiya who is demanding one third of the business. The investor has loaned Drip R45 700 in 2019 and has allegedly been paid half a million for the loan.
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According to a report by Sunday World, Mashiya has taken Sehoana to court and is demanding that he transfer 34% of the company’s shares to him. Mashiya says that Drip was supposed to repay the loan together with R18 000 interest before December 2019, and pay him R100 for the first 5000 pairs sold. But in the case where Sehoana delayed to pay on time, he would receive 5% shares after 24 hours of non payment and 1% for each day the payment was delayed, which he has since defaulted.
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“I am entitled to 34% of Drip footwear company calculated form 1 August 2020, being the date of breach until the day of the fourth day of September 2020,” says Mashiya.
Sehoana says they had changed the terms of their agreement and he promised to pay in instalments, R200 000 before July 2020 and R300 000 before November 2020. He could not pay the R200 000 due to the revenue generated by the sneakers was insufficient but he had paid R100 000 on August last year. After receiving a letter of demand to pay within 14 days, Sehoana says he paid the outstanding balance the following day.
Bongi Sikelo 