Akon reportedly paid his ex-business executive Devyne Stephens a whopping $850,000 to resolve an ongoing lawsuit filed by the latter, who claims the Smack That hitmaker owes him nearly $4 million in unpaid royalties .
Devyne, who is a music executive best known for his work with artists such as Destiny’s Child, Usher, Jay-Z and T-Pain, filed a lawsuit against Akon in 2021, claiming in court documents that he didn’t. hadn’t received payment from his former client on a deal they made in 2018.
And last month, Devyne asked a New York courthouse to freeze Akon’s assets so he could clear some of his accumulated debts since he never received the money. we had promised him.
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According to Page 6the motion to freeze Akon’s assets prompted the 48-year-old to make a substantial payment of $850,000 to help resolve the ongoing lawsuit, followed by an official statement.
— AKON (@Akon) February 19, 2022
“This week, I fully resolved Devyne Stephens’ court request to freeze my New York assets,” the father-of-six said. “Although I have several substantial claims that will be pursued against Stephens in the current case, I paid him $850,000 – some of which I still dispute – to show the public that he was absolutely wrong about everything. failure to pay the last installment of our prepayment. »
Devyne’s request to freeze Akon’s assets had been dismissed by Manhattan Supreme Court Justice Arthur Engoron after the partial settlement, “as moot, as this matter was otherwise resolved pursuant to an agreement between the parts”.
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Later in his statement, Akon argued that freezing his assets would ultimately prevent his plans to continue building his “real life Wakanda” Akon City in Dakar, Senegal. The huge project will use the latest blockchain and cryptocurrency technologies and is expected to enter its first phase of establishment by 2023.
The rapper-turned-entrepreneur has been working on the 62-mile-wide city since 2018, and freezing his assets amid his lawsuit with Devyne would ultimately cause a massive setback with the upcoming developments of his ambitious concept.
— AKON (@Akon) April 5, 2022
“My work on Akon City in Africa and the Akoin cryptocurrency is too important to be tarnished and harmed by Stephens,” Akon concluded.
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Although Akon City has already entered the development stages, Devyne has argued in court papers that his ex-client’s plans for a futuristic city were a Ponzi scheme to attract investors, with profits going straight into their pockets. of Akon – a claim the latter has vehemently denied.
Devyne’s attorneys believe Akon only paid the partial $850,000 settlement lest a judge grant the request to freeze assets belonging to the multi-millionaire if payment had not been made.
The case is still ongoing as Devyne waits to receive the remainder of her royalties.