Drip Footwear Allegedly on Brink of Liquidation for Not Paying R20 Million Debt to JHB Company

Drip Footwear Allegedly on Brink of Liquidation for Not Paying R20 Million Debt to JHB Company

  • One of South Africa's growing footwear brands, Drip Footwear, is allegedly facing the possibility of being liquidated
  • This is after WideOpen Platform, an advertising company, allegedly applied for the company to be liquidated for not being able to pay a R20 million bill
  • The company is also allegedly going to sue owner Lekau Sehoana for not paying the debt

Tebogo Mokwena, a Briefly News current affairs journalist in Johannesburg, South Africa, covered police investigations and court cases at Daily Sun for over three years.

Drip is facing a liquidation application for allegedly failing to settle a R20 million debt
Drip owner Lekau Sehoana may lose his company after he fell out of favour with his debtors. Images: Oupa Bopape/Gallo Images via Getty Images
Source: Getty Images

Drip Footwear will have its day in court after advertising company WideOpen Plaftorm filed for the footwear brand to be liquidated for not settling an R20 million bill. This is despite Drip agreeing to pay millions of rand owed to the company in instalments and failing to make good on the agreement.

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Drip Footwear owes WideOpen Plaftorm millions

According to Sunday World, WideOpen claims that Drip Footwear is insolvent and cannot pay its debts off. The company's managing director, Tomer Cohen, said that the company should be liquidated. In court papers that reveal the liquidation application details, it's believed that Sehoana signed an agreement acknowledging his debt and committing to paying more than R3.6 million in three instalments.

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Drip also reportedly pledged to pay R6 million in three instalments of under R1.9 million and R12 million in three R4 million instalments. Sehoana also allegedly agreed to pay the R1.9 million fee to draw up the acknowledgement of debt papers. To date, he has allegedly not paid a cent. The company is reportedly suing Sehoana for signing the papers where he assured the debt would be settled.

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South Africans were left speechless

South Africans on Facebook could not believe how much Drip, a well-known company popular with celebs and ordinary peeps alike, could be in debt.

Nontz Heavenly Hadebe noted:

"I wonder what went wrong here."

Shaik Roxy Roxanne remarked:

"This is the problem with people who wanna fly up the ladder instead of climbing one step at a time."

Sminx Mandla exclaimed:

"Growing too quickly may destroy you and the business."

Feroz Hassen joked:

"Drip and dry."

Mthunzi Mdwaba ordered to pay Enoch Godongwana R1M

In another lawsuit-related article, Briefly News reported that Finance Minister Enoch Godongwana won a lawsuit he filed against Mthunzi Mdwaba.

Godongwana filed a lawsuit accusing Mdwaba of defamation after Mdwaba claimed that Godongwana and a few high-ranking politicians solicited a R500 million bribe.

The Johannesburg High Court ruled that Godongwana should be paid R1 million plus costs after it ruled against Mdwaba.

Source: Briefly News

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