The Johannesburg High Court ordered the local sneaker company Drip Footwear. Founded in 2019 by Lekau Sehoana, to go into liquidation. After Wideopen Platform, a company that specializes in large-scale, high-impact advertising. Filed an application alleging that the footwear company had neglected to pay R20 million for advertising services.
Drip Ceases to Exist After Liquidation
Wideopen Platform requested an order to wind up Drip earlier this year. In documents filed with the Johannesburg high court. It stated that the business was unable to pay its debts because it was insolvent.
The company also intended to file a lawsuit against Drip owner Lekau Sehoana for failing to pay the debt after signing a surety agreement.
This week, its employees were laid off as a result of the liquidation order. According to reports, on Monday, October 7, 2024, Sehoana notified his employees that their job would be terminated following months of irregular salary payments.
The true fate of Drip
In the upcoming months, it is anticipated that 14 locations nationwide will close. With a reported net worth of R280 million, Drip Footwear sells its own brand of sneakers at a number of retail locations around the nation.

Additionally, it was stated that regulators and high-ranking politicians were involved in attempts to salvage the corporation. Gauteng Finance and Economic Development MEC Lebogang Maile asked Reserve Bank Governor Lesetja Kganyago in August of this year for a “rehabilitative intervention” for The Drip Group.
Moreover, according to Business Day, Drip’s funds were taken by the South African Reserve Bank (SARB). For noncompliance with South Africa’s exchange control laws, totaling about R3.5 million. According to Maile, the Gauteng government has a duty to support local companies both materially and intangibly.
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Others are trying to save the company
“We cannot stand by and let The Drip Group, a business started by a young black man with stacked odds in the Ivory Park township, be liquidated. Furthermore, hundreds of people are employed by the company; many of them are from historically underrepresented categories, such as women and young people, he noted.

“As a government, we must do everything possible to provide the necessary support to this and other small businesses that are facing challenges, particularly when such challenges arise from failures of compliance with legislation, which is not the same as blatant and intentional criminality.”
Castro Ngobese, spokesperson for Maile, said the investigation, instituted by the bank’s financial surveillance department, had been running for just over two years.
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Drama with wife
Lekau has received a lot of backlash, after his wife went on a podcast to reveal that the businessman changed towards her after his brand took off. His wife alleges that the man started entertaining a fast life and didn’t even acknowledge his wife, who was with him from the beginning. So, most people on Twitter, seem to believe that he did that to himself.