Freddy Lekau was celebrating his company's partnership with hip hop artist Cassper Nyovest. It was a R100 million deal with Casper's company Family tree.
However there are reports emerging that he has been dragged by an investor from Pretoria. Who is demands a third of his company( Drip footwear).This comes after he paid half a million of R45 700 of the loan amount.
Masiya met with Sehoana on 18 November 2019 at Menlyn mall Pretoria. Both parties entered into an agreement of a loan amount of R45 700 to pay two hundred pairs of sneakers. According to Masiya the sneaker brand founder was suppose to pay a loan with R18000 interest before december 31,2019 on top of that he must also pay R100 for each pair of sneaker that gets sold, the first 5000 sneakers.
Part of the agreement was that if he fails to pay Masiya accordingly. He will be entitled to 5% of shares after 24 hours of non payment including 1% of each delay in payment. Alfred Mashiya wants what is due to him. He says Freddy defaulted in his first R100 from 5000 sneakers. Therefore he is now entitled to the shares as per contract.
Freddy in respond to the founding affidavit. Sehoana did confirm that he did borrow money as there company needed investors at that time. However he said he already paid the money back plus interest before December 31,2019. He was only supposed to pay him R100 per 5000 sneakers going forward. He had challenges because of COVID-19 restrictions and lockdown. However they had to change the contract due to these abnormal circumstances.
They now agreed that he will pay R200 000 before july 31 ,2020. He only manage to pay R100 000 on August 6 ,2020.
Sehoana received a letter of demand from Mashiya's legal team on September 4. He managed to make a plan and the outstanding amount within 14 days after the letter of demand,even though he paid the full amount. Mashiya's legal team still demands 34% of the shares regardless of full payment.
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