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R50K sponsorship gone wrong!

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Businessman Thabiso Mabetwa (right), also known as Cobra Tycoon, is accused of not paying R50 000 in sponsoring an event that took place in October.
Businessman Thabiso Mabetwa (right), also known as Cobra Tycoon, is accused of not paying R50 000 in sponsoring an event that took place in October.

EVENTS organiser Amos Thuka was overjoyed when he found a sponsor for his annual Tshwane Picnic and Cocktail Experience.

However, he was left disappointed when the sponsor allegedly failed to honour his promise but attended the event and splashed thousands of rands on patrons.

Amos from Soshanguve, Tshwane told Daily Sun he was approached by a company called Cobra Tycoon, which offered to sponsor the event with R50 000.

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He said in return for the money, his team would promote the company’s clothing range and radio station at the event, held in October. However, Amos never received a cent of the promised money.

He said when he asked about the money, he was promised he’d be paid the following month.

“The date they promised to pay came but there was no money in my bank account. When I went to them, they told me I didn’t honour my side of the deal. They claimed I was supposed to buy water from them,” he said.

Thabiso Mabetwa, a director of the company, said they had a verbal agreement.

Thabiso is known for being guarded by heavily armed men wherever he goes, including in a video seen by the SunTeam, and having blue light escorts when he travels.

He said Amos brought a proposal to the company and there was a verbal agreement but the event organisers didn’t meet their end of the deal, leading to the company pulling out.

“He made a proposal and nothing was signed. We had to pull back because they did not meet their end of the deal.

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We did attend the event to support our DJs and splashing out money was part of promoting our business,” said Thabiso.

He said the event organisers promised to buy 250 cases of water, which never happened.

“We lost more than he did because most of the things we agreed on were not met. We have banners that were not used at the event because they had their own. The water they ordered is still with us and all that cost money,” he said.

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