Jay-Z says Bacardi is trying to underpay him in suit over cognac brand D’Usse … as he calls for audit of company
- The 52-year-old mogul has filed a lawsuit against the major spirits company as he wants to know how much his alcohol line is making as they are 50/50 partners
- TMZ Hip Hop obtained documents on Tuesday which show that his company SC liquor had demanded for financial clarity when it comes to D’Usse
- SC Liquor, Jay-Z’s company, is requesting for all the financial books and records in addition to the location of all the warehouses storing barrels, bottles, and accessories for the cognac brand
- They also want all the pertinent information regarding Bacardi’s physical inventory as well as the inventory process
- It does remain unclear why Jay-Z and partners are pushing this process forward but it is obvious there is distrust in the business partnership
- SC Liquor says that it needs to ‘monitor the conduct of [Bacardi’s] business to protect SC’s rights as’ a partner in the company
- Jay-Z and Bacardi have had a partnership on D’Usse since 2012
Jay-Z is looking to sell a share of the upscale cognac brand D’Ussé, and saying that Bacardi is trying to lowball him on the sale total.
The rapper, 52, has filed with the court a request to see Bacardi’s figures on its D’Ussé brand, TMZ reported after reviewing court docs in the case.
The partnership between the rapper and the liquor brand, which has been in place since 2012, is supposed to be set at 50 percent each.
Taking a stand: Jay-Z (seen in October 2021) is looking to sell a share of the upscale cognac brand D’Ussé, and is saying that Bacardi is trying to lowball him on the sale total in new legal docs
Jay-Z, via his company SC Liquor, sought to exercise a buyout clause with Bacardi, which is contractually stipulated to ‘negotiate in good faith’ on the final total, his legal team said court docs.
Reps for Jay-Z’s company said that the corporation linked with Bacardi, Empire Investments Inc., has been stalling and stonewalling the rapper’s efforts to get accurate financial totals for D’Ussé.
Jay-Z said through his legal team that he feels Bacardi has intentionally mismanaged aspects of its business in an effort to hinder profits ahead of a potential buyout.
While both of the valuations are redacted in legal docs, TMZ reported, Jay-Z said Bacardi’s estimation was ‘well below’ a reasonable total.
Giant: The 52-year-old mogul has filed a lawsuit against Bacardi as he wants to know how much his alcohol line is making as they are 50/50 partners
The rapper is asking the court to force Bacardi to comprehensively reveal its finances in regards to the D’Ussé, as he wants ‘financial clarity’ regarding his top-shelf cognac brand D’Usse.
TMZ Hip Hop obtained documents on Tuesday which show that his company SC liquor had demanded for financial clarity when it comes to D’Usse.
According to the site, Jay-Z’s company is requesting for all the financial books and records in addition to the location of all the warehouses storing barrels, bottles, and accessories for the cognac brand.
They also want all the pertinent information regarding Bacardi’s physical inventory as well as the inventory process.
It does remain unclear why Jay-Z and partners are pushing this process forward but it is obvious there is distrust in the business partnership.
Serving it up: TMZ Hip Hop obtained documents on Tuesday which show that his company SC liquor had demanded for financial clarity when it comes to D’Usse
The ROC: According to the site, Jay-Z’s company is requesting for all the financial books and records in addition to the location of all the warehouses storing barrels, bottles, and accessories for the cognac brand, he is pictured with wife Beyonce in June 2021
TMZ notes that one of the statements in the legal documents is very interesting as it read that SC Liquor says that it needs to ‘monitor the conduct of [Bacardi’s] business to protect SC’s rights as’ a partner in the company.
Jay-Z and Bacardi have had a partnership on D’Usse since 2012.
He regularly name checks the brand in his songs and in 2014 even poured some of the cognac into one of his Grammys and drank it in order to promote it.
Shot: Jay-Z and Bacardi have had a partnership on D’Usse since 2011
Meanwhile earlier this month the 99 Problems rapper was featured in outtakes from wife Beyonce’s Club Renaissance Paris celebration in partnership with Tiffany & Co. earlier this month.
The 41-year-old megastar stunned in a silver ensemble as she posed in an elevator with husband as she added a sporty oversize jacket.
The Break My Soul songstress wrote in the caption to her loyal legion of followers, ‘CLUB RENAISSANCE Paris with partner @tiffanyandco.’
She then added hashtags, ‘#TiffanyAndCo #CLUBRENAISSANCE.’
Going up: Meanwhile earlier this month the 99 Problems rapper was featured in outtakes from wife Beyonce’s Club Renaissance Paris celebration in partnership with Tiffany & Co. earlier this month
