This comes after Lekau failed to pay Alfred a loan of R45 700 together with R18 000 interest and also pay him R100 from every pair of the first 5000 sneakers sold.
Alfred Mashiya says they agreed that if Lekau 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
He said Sehoana defaulted in paying the R100 from the first 5 000 pairs of sneakers sold.
That contract Lekau (owner of Drip) signed is the worst contract anyone can ever bind themselves to. But I’d like to think he tried everything and everyone, at that point he was desperate and we all know you don’t think clearly when you’re desperate.
What a horrible deal. This "investor" exploited Lekau. But I get it. When you desperate and need to pump some life into your business, you'll take anything.
I think it's very easy for alot of people to say alot of things regarding the situation. Lekau says he had quit his job and things were tough (at start of the business). To the question "Were THAT desperate?", he responded honestly and said yes he was.
Typical example of how important it is to have your contracts reviewed by a lawyer before signing your life away.
Lekau can still win this. Remember that during the pandemic the was time whe footwear stores were not operating and those days can be uncounted. The good thing is the president even told all lenders to extend their contracts of payment.
He must just get a good legal team to handle the matter, his reasons for the delay of payments are justifiable, Covid affected almost every business in the country (world at large) and so is Drip sneaker sales. The T&C's for the loan were unreasonable and unfair I must say.
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