We've got news for you.

Register on TimesLIVE at no cost to receive newsletters, read exclusive articles & more.
Register now

AKA forks out R150k to save flashy Rolex from repossession - report

26 November 2018 - 13:31 By Karishma Thakurdin and Boitumelo Kgobotlo
AKA personally paid off the debt for the watch which was gifted to him.
AKA personally paid off the debt for the watch which was gifted to him.

While AKA was left gobsmacked by written communication that his flashy diamond-encrusted Rolex time piece, which was gifted to him was about to be repossessed for an outstanding debt payment of R166k. 

The watch was given to AKA by his ex-business partner Prince Nyembe when they launched their joint company Beam Group in December last year. In October AKA announced that the company would shut its doors amidst allegations of misuse of finances. 

Sunday World reports that AKA's Rolex was set to be repossessed after jewelry design company, Schofield and Companies sent written communication with a final warning over the outstanding amount. 

The situation was brought to AKA's attention after a Sunday World request for comment about the fiasco was sent to the rapper. 

AKA told the paper that as soon as he was made aware of the debt he personally made an initial payment of R100,000 and then a second payment of R50,000. 

"I am good to settle any debt incurred by Beam Group up to my share of ownership. It was, however disturbing to be notified with written evidence of arrangement between my former partner business partner and the Schofield brothers dating back to December last year - that what was publicly gifted to me has been unpaid," he said. 

AKA also addressed the matter on Twitter and revealed that Beam Group closed down with over R2-million debt.