Source: Kevin Winter / Getty
The legal battle between between Bacardi and Jay-Z continues to unfold. Hov is being accused of inflating the value of D’ussé prior to selling off his percentage.
As spotted on TMZ, the Hip-Hop mogul might be in for another high profile legal battle. Earlier this month the Brooklyn, New York native filed a lawsuit against the spirits conglomerate. He alleges that they were being less than forthcoming with regards to the expression’s sales performance and profitability of the dark liquor.
In addition, his SC Liquor company inquired about the production process including “the location of all warehouses storing D’Ussé barrels, bottles and accessories.” Furthermore Carter wants Bacardi to fully detail their inventory process in an effort to “monitor the conduct of [Bacardi’s] business to protect SC’s rights as”.
Empire Investments Inc., a wholly owned subsidiary of Bacardi International Ltd., has formally responded with a filing in Delaware’s Chancery Court. Their legal team claims Bacardi and Jay-Z made a “handshake deal” back in December 2021 agreeing that the “Otis” MC would sell his 50% stake in the brand.
But the corporation says Hov “abruptly reneged on its agreement and doubled its demanded valuation.” Additionally, Empire states that they have disclosed over 800 pages of financial records and will not provide any more documentation as the remaining paperwork is proprietary to Bacardi and doesn’t involve D’ussé.
According to the celebrity gossip website, another hearing is scheduled for Friday, Nov. 4. Neither Bacardi International nor Jay-Z have publicly commented on the matter.
Photo: Kevin Winter
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