Alfred Mashiya a Pretoria investor, of popular South African sneaker brand Drip has launched a lawsuit against Freddy Lekau Sehoana and his company Drip Footwear at the Joburg High Court to demand that he transfer 34% of the company’s shares to him. Mashiya said he loaned Sehoana R45 700 and he was supposed to repay the loan together with R18 000 interests before December 31, 2019, and also pay him R100 from every pair of the first 5000 sneakers sold.
According to Sunday World who allegedly saw his founding affidavit, Mashiya said he met Sehoana on November 18 2019 at Menlyn in Tshwane, where they entered into a “contract of investment” to loan him and the company R45 700 to pay for 200 pairs of sneakers, which were manufactured and ready to be sold.
He said they agreed that in the event that Sehoana delayed paying him, he would then be entitled to gain 5% of shares after 24 hours of non-payment and 1% for each day the payment was delayed. Mashiya said Sehoana defaulted in paying the R100 from the first 5 000 pairs of sneakers sold and therefore he was entitled to the shares as stipulated in the contract.
Sehoana said they had changed the terms of the contract in which he promised to pay Mashiya in two instalments R200 000 before July 31 last year and R300 000 before the end of November last year. He said he could not pay the R200 00 as promised because the revenue generated by the sneakers had been insufficient but he had paid R100 000 on August 6 last year.
He said on September 4, Mashiya’s lawyers sent him a letter demanding the outstanding amount within 14 days and the transfer of 34% of his shares from the company to him. He said he had paid him the outstanding amount the following day.