A couple of weeks back, we saw AKA hopping on Twitter to announce that he is shutting down his company Beam Group.
The news was not well received by fans of the rapper, and it left many pondering the reason for the premature closure. Well recently the “Fela In Versace” hitmaker sat down with Sunday World, and during their discussion, AKA opened up about the situation.
According to Sunday World, Beam Group was shut down because of a purchase made by the company’s CEO Prince “Costinyo” Nyembe of a Maserati which cost over R900,000 under the company’s name. According to the outlet, the purchase left the company in a debt of over R2 million in tax.
The “Fela In Versace” hit-maker said that he was prepared to settle the company’s debts which equal to his 70% share in the business but said that will exclude the R900 000 for the Maserati that his business partner bought using the company’s account.
“I have stated in numerous, internal company correspondences that as 70% share owner, I take ownership of whatever debt might have been incurred up to my percentage share.
“But what I will not do is to incur debt on personal expenses of any other share partner(s), that were incurred not for company purposes,” he said,
Documents seen by Sunday World show that Nyembe snapped up the road monster for R905 945 under the company’s name. They reveal that he made the purchase in May this year and paid a deposit of R30 000. Nyembe denied he bought the car under the company’s name.
“I used to own a Maserati, but no, it was under my name. I don’t own it anymore because I just decided to sell it,” he said. Nyembe also denied claims that the company owes the SA Revenue Service, saying the only money the company owed was a bill towards the administration for shutting it down.
Two workers, who asked to remain anonymous for fear of victimization, complained that since AKA announced his resignation in August, they never received their full salaries.
A former employee said she thought of resigning after they received emails on the day they were supposed to receive their salaries, informing them they would be paid half of what was due to them for October.