Drip Footwear, the sneaker brand founded by Lekau Sehoana in 2019, has officially entered liquidation after a Johannesburg High Court ruling.
Story Summary:
- Drip Footwear, founded by Lekau Sehoana, has entered liquidation following a court order.
- Speculation surrounds Sehoana’s intentions, with rumours of him using the liquidation to avoid asset-sharing in his messy divorce.
- Sehoana’s estranged wife, Lebogang, has made public allegations, accusing him of concealing assets and delaying their divorce.
Drip Footwear officially enters liquidation: Here’s what it means
The court order comes after Wideopen Platform, a company specialising in high-impact advertising, claimed that Drip Footwear failed to pay R20 million for services rendered.
As a result, employees of Drip Footwear were laid off, and the brand’s 14 stores are expected to close across the country.
The company’s financial troubles, including the recent seizure of R3.5 million by the South African Reserve Bank for exchange control violations, have drawn the attention of senior political figures.
Gauteng MEC Lebogang Maile has even requested a “rehabilitative intervention” to try to save the business.
This liquidation has raised eyebrows, particularly given the messy divorce proceedings between Sehoana and his estranged wife, Lebogang Sehoana, which have been dragging on since 2022.
With Drip Footwear valued at R280 million before its financial collapse, some speculate that the timing of the liquidation may not be coincidental.
Rumour report: Lekau Sehoana is hiding assets in shell companies
The ongoing divorce battle between Sehoana and his estranged wife, Lebogang, is generating much speculation.
The messy details of their separation have spilt into the public domain, with accusations of abuse and asset concealment coming to light.
In an August interview, Lebogang claimed that the sneaker brand started during their marriage, while she was financially supporting them.
She alleged that as Drip Footwear grew, Lekau began distancing himself from the family, leaving her to manage both their household and their child alone.
According to her, he used his new wealth and popularity to avoid his responsibilities, and she accused him of transferring assets into shell companies to avoid sharing them in the divorce settlement.
With Drip now in liquidation, some commentators wonder if this is a calculated move by Sehoana to shield his assets.
The public is already drawing parallels between Sehoana’s case and that of other prominent business figures who have been accused of using financial manoeuvres to avoid divorce settlements.
While these claims remain speculative, Lebogang’s frustration with the drawn-out divorce process is palpable.
She has accused Lekau of character assassination, claiming that he controls the media narrative and uses social media to sway public opinion.