‘Where is Patrice Motsepe when we need him?’ – Malema on Drip saga

EFF leader says company is worth saving

EFF leader Julius Malema wants to understand the reasons behind the collapse of sneaker brand Drip after the Johannesburg high court ruled in favour of the company's liquidation due to its inability to settle a R20m debt.

“Why is there no business rescue? We go to liquidation. Why is there no saving? Where is Patrice Motsepe when we need him? If he's a successful black billionaire, where is he when a young entrepreneur with such a promising future is going down?” Malema said at a press briefing on Thursday. 

He expressed concern for the workers who lost their jobs and said he would meet Drip's owner Lekau Sehoana on Friday.

“I have a meeting set up with Sehoana. I want to understand what is going on. I want details of what is happening because at face value Drip was doing well and was a growing brand found in many shopping centres. However, we won't know the internal use of money and all that.

“Drip is worth saving. Let's hear the story, and let's make calls. The people who can intervene can take over the finances of Drip until they stabilise and recover their money.

“I'm unable to make a call now, but after the discussions, we will issue a statement and say, 'this is what we think can happen'.

“More than Sehoana, we are concerned about the workers in those shops. Their families are going to go hungry.”

A public failure of something that has so closely defined you is humiliating, to say the least.Businessman Vusi Thembekwayo

Drip, founded in 2019, had become one of South Africa's biggest brands, with many celebrities and influencers promoting it. However, despite its popularity, the company has faced financial difficulties.

Businessman Vusi Thembekwayo showed support for Sehoana, emphasising it's not the right time for people to say, “I told you so”.

He said: “I have been very careful not to comment on the Drip issue at this time. Our brother and his team are already having a tough time. They don’t need voices of condemnation at this moment.

“Even if some warned him and he didn’t listen, now might not be the best time to pick at the wound. This is my opinion. You all are free to express yours.

“A public failure of something that has so closely defined you is humiliating, to say the least. So, and maybe I am getting old, but my default is to give grace.”

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