The saga continues. More details have been unraveled about Jay-Z’s lawsuit with his long-term partnership with Bacardi.
The rundown: As AfroTech previously reported, the billionaire rapper was reportedly looking to “monitor the conduct of [Bacardi’s] business to protect SC’s rights as” it pertains to the 50/50 partnership over D’Usse.
Jay-Z’s SC Liquor is not taking this lightly and is demanding Bacardi show proof through:
- information about inventory and the inventory process
- warehouse locations that store D’Usse barrels
Jay-Z looking for transparency: According to reports from TMZ, Jay-Z’s SC Liquor is trying to ensure they gather all the necessary information that can provide full transparency for how well D’Usse has performed on the market.
Jay-Z's Dissatisfaction Started A Year Ago
What’s more, it appears Jay-Z’s alleged dissatisfaction has been brewing since last year — well, according to the latest report on the matter from TMZ.
“According to docs, Jay’s company, SC Liquor, exercised its right to a buyout about a year ago. Under their agreement, Bacardi now has to ‘negotiate in good faith’ to come up with a fair price for Jay’s stake in D’Ussé,” the outlet reports.
There’s more: TMZ also reports, “In the docs, SC Liquor says Bacardi’s subsidiary, Empire Investments Inc., is trying to ‘stall and stonewall’ all efforts to get financial info on the valuation of D’Ussé.”
In addition, according to TMZ, Jay-Z alleges that Bacardi is mishandling the partnership to intentionally decrease profits. Court documents even show the valuation of the partnership, but is Jay- Z buying into those numbers?
While not much is clear at this moment, as to what the payout will be or what will happen in the future, Jay-Z’s team seems to be doing the work to ensure he will be properly compensated if he does sell.
No official word from either party: Jay-Z or Bacardi have yet to release an official statement on the matter.