Akon has reportedly paid his ex-business manager 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 most known for his work with artists such as Destiny’s Child, Usher, Jay-Z, and T-Pain, filed a lawsuit against Akon back in 2021, claiming in court papers that he had not received payment from his former client over an agreement they made back in 2018.
And just last month, Devyne asked a New York courthouse to freeze Akon’s assets so that he could clear off some of his debts which he amassed since he’s never received the money he was promised.
According to Page Six, the motion to freeze Akon’s assets has prompted the 48-year-old to make a substantial payment of $850,000 to help resolve the ongoing suit, followed by an official statement.
#konvicted pic.twitter.com/ITCVDSn6En
— AKON (@Akon) February 19, 2022
“This week I fully resolved Devyne Stephens’ court application to freeze my New York assets,” the father-of-six expressed. “Although I have several substantial claims that will be pursued against Stephens in the pending case, I paid him $850,000 – some of which I still challenge – to show the public that he was flat out wrong about any inability to pay the last installment of our prior settlement.”
Devyne’s request to freeze Akon’s assets had been denied by Manhattan Supreme Court Justice Arthur Engoron after the partial settlement, “as moot, as this issue has been otherwise resolved pursuant to an agreement between the parties.”
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Further in his statement, Akon argued that having his assets frozen would ultimately prevent his plans from continuing to build his “real-life Wakanda” Akon City in Dakar, Senegal. The enormous 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 having his assets frozen amid his court case with Devyne would ultimately cause a massive setback with the forthcoming developments for his ambitious concept.
Excited to share that @AkoinOfficial has integrated @FireblocksHQ into the #AkoinWallet!https://t.co/2qbQaI4TJ2
— AKON (@Akon) April 5, 2022
“My work on Akon City in Africa and Akoin cryptocurrency is too important to be tarnished and harmed by Stephens,” Akon concluded.
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Though Akon City has already entered development stages, Devyne contended in court documents that his ex-client’s plans for a futuristic city were a Ponzi scheme to lure investors, with profits going straight back into Akon’s pockets — a claim which the latter has vehemently denied.
Devyne’s attorneys believe that Akon only paid the $850k partial settlement in fear that a judge would agree with the motion request to freeze assets owned by the multi-millionaire had the payment not been made.
The case is still ongoing as Devyne awaits to be paid the rest of his royalties.