Alfred Mashiya sues founder of Drip Footwear Lekau Sehoana of 34% of his business. 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.
Mashiya said Sehoana 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 5 000 sneakers sold.
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.
“Despite full payment of the long-term benefit, the attorneys still demanded that I transfer a third of my shareholding.”
It is very important for business owners or entrepreneurs to enter into contracts and be able to achieve the terms that are stipulated, this way they can avoid contractual disputes that end up costing them and their company lots of money.
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