Kagiso Setsetse, DJ Sumbody’s business partner, purchased an R15-million life insurance policy from Momentum a year before the singer was killed in Joburg last year, a report has claimed.
The insurance company, however, did not pay out the sum because the investigators investigating Sumbody’s premature death “froze” the payment until they could receive a statement from Setsetse.
In an interview with Sunday World, this week alleged 28s gang boss and Cape Town billionaire Ralph Stanfield disclosed the frightening details.
Stanfied claimed that during the remodelling of Ayepyep, Setsetse and Sumbody were intimidated by unknown gangsters who warned them they couldn’t operate their business unless they paid a protection price to two infamous underworld chiefs.
Ralph travelled to Johannesburg at the end of 2019 and met him at Tashas Menlyn in Pretoria, where he was given a partnership through his wife Nicole.
“The terms of the agreement was that Nicole takes care of the overall operations and all three directors, Nicole, DJ Sumbody and Kagiso get a salary of R150 000 monthly and split R1.5-million at the end of every year.
“At first DJ Sumbody had tabled 50% for Nicole, which I turned down and requested that the directors share evenly,” Stanfied said.
He claimed that when Ayepyep Cape Town officially debuted on April 1, 2021, Setsetse and DJ Sumbody received a threat from unnamed gangers threatening to shoot the facility down if the opening went ahead.
They then met Stanfied at the Victoria Waterfront Mall, where he provided security. “Till to date there have been no reported shootouts at or near the establishment,” he said.
Stanfied claims that in 2021, Setsetse and Sumbody “amended” their Ayepyep Menlyn shareholders agreement, after which Setsetse purchased R15-million in life insurance for the artist.
He also claimed that the investigating officer tried unsuccessfully several times to obtain a statement from Setsetse before fleeing to Dubai.
Stanfied claims Setsetse obtained Sumbody’s death certificate fraudulently from the funeral home when the musician’s mother refused to give it to him. This is because he allegedly planned to file an insurance claim, but the investigators halted the procedure.
Setsetse and his wife Suzen Raphela, who married in December of last year, paid a visit to his family in Cape Town in January of this year. Setsetse suggested while there that he was afraid for his life in Gauteng and wanted to go to Mother City.
“Suzen went to Nicole to request assistance getting her kids’ schools and getting them admitted as the year began.
“They ended up not moving and no questions were asked as to the reason they decided not to move. In January Setsetse offered Nicole, who owns 33% of the joint’s shares, more shares on the condition that he takes out life insurance for her.
“He even produced a certificate which stated that he was the majority shareholder with 67% from the Setsetse Family Trust and with Nicole’s 33% shares, they would leave the Sefoka family out in the cold.”
Nicole, according to Stanfied, provided Setsetse money so that he could buy Suzen a Range Rover in February. He stated that Setsetse welcomed the Standfields to Dubai a month later and advised Nicole to seek residency rather than a visitor’s visa.
When Setsetse discovered Nicole was utilizing different speed points, he requested that the speed points be reinstalled and Nicole be granted access to the business account as a shareholder. Setsetse afterwards stated that he will not set foot in the joint again.
“It was then discovered by Nicole that all her Ayepyep emails have been wiped and that suppliers and service providers have outstanding invoices with the establishment. Nicole realised that the company could have possibly bled over R4-million from Setsetse, to profit only himself.
The Sefoka family found through bank statements that their son’s only salary or profit came from the Cape Town branch. “They were shocked to have been kicked out of the business since their son is no more,” he said.
The family subsequently filed a court suit to dispute Setsetse’s hostile takeover of their son’s shares, according to Stanfied. The last time the family saw or spoke to Setsetse is said to have been at his funeral. Since then, the family has sought legal counsel to challenge Setsetse.
According to Stanfied, the court will most likely defer the case since Setsetse wants it heard in January of next year. Kagiso agreed that he took out a life insurance policy for the deejay, but explained that this was part of an agreement they both had as directors of the lucrative club.
“Me and Oupa had what we call a buy and sell insurance. So basically what it is to cover a director in terms of death is that the money is to be paid out to the family for the shares of the business.
“In other words, if I don’t wake up tomorrow, insurance will cover my shares and it will pay to my wife instead of her saying she is coming to work at Ayepyep,” Setsetse added.
He also mentioned that the muso had the same insurance in his name. Setsetse stated that when the insurance company pays out, the money will be given to the musician’s family.
“It is not what he (Stanfield) says, he is painting that story because he is trying to tarnish my name,” he said.
He denied that Momentum had frozen the insurance, alleging that the insurance had performed an examination of the whole value of the club before the money could be paid out.