Business Partner of DJ Sumbody Allegedly Secured R15 Million Life Insurance Before Tragic Killing

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DJ Sumbody’s partner took out R15m life cover on artist
The late Oupa “DJ Sumbody” Sefoka and Kagiso Setsetse.| Image News24

It has come to light that Kagiso Setsetse, the business partner of DJ Sumbody, had reportedly taken out a substantial R15 million life insurance policy from Momentum just a year before his tragic execution-style killing in Johannesburg last year. This revelation has ignited a series of intriguing developments, including the insurance company's refusal to pay out the staggering amount due to ongoing investigations into Sumbody's untimely demise.

The unsettling details emerged through an exclusive interview with Ralph Stanfield, who is alleged to be associated with the 28s gang and is also a Cape Town businessman. Stanfield disclosed that during the renovation of Ayepyep, a business venture involving Setsetse and DJ Sumbody, the duo faced threats from unidentified gangsters who demanded a protection fee. Fearing for their safety, they sought security assistance from Stanfield.

The partnership between Stanfield and Setsetse was forged through Stanfield's wife, Nicole, with the terms specifying that Nicole would oversee operations. Both Setsetse and DJ Sumbody were entitled to a monthly salary of R150,000, with an additional R1.5 million split among them annually.

Stanfield alleged that Setsetse and DJ Sumbody encountered further threats around the time of Ayepyep Cape Town's official opening in April 2021. Stanfield provided security to thwart any potential violence. Stanfield claims that in 2021, Setsetse modified the Ayepyep Menlyn shareholders agreement, following which Setsetse acquired a life insurance policy worth R15 million for DJ Sumbody.

However, investigations into DJ Sumbody's death took an unexpected turn. According to Stanfield, the investigating officer's attempts to obtain a statement from Setsetse were repeatedly thwarted until Setsetse left the country for Dubai. Stanfield further alleges that Setsetse fraudulently obtained Sumbody's death certificate in his pursuit of insurance claims, which were subsequently halted by detectives.

The complexity deepened as Setsetse and his wife Suzen Raphela visited Setsetse's family in Cape Town. Setsetse expressed concerns about his safety in Gauteng and a desire to relocate to Cape Town. An attempt to initiate the move was made but was eventually abandoned.

Stanfield claimed that Setsetse offered Nicole additional shares in Ayepyep on the condition that he takes out a life insurance policy for her. Allegedly, Setsetse presented a certificate indicating he was the majority shareholder, which caused a rift among stakeholders. Setsetse received funds from Nicole for the purchase of a Range Rover, but subsequent events unfolded that led to the suspicion of financial improprieties.

As tensions mounted, Setsetse's trips to Dubai and his financial activities came under scrutiny. Nicole's access to the establishment's accounts was restricted, leading to suspicions of significant financial withdrawals by Setsetse. These actions prompted legal action by the Sefoka family, challenging Setsetse's control of their son's shares and the alleged hostile takeover.

Setsetse defended his actions, describing the life insurance policy as part of a "buy and sell insurance" agreement between him and DJ Sumbody. He emphasized that the policy was intended to cover the shares of the business in case of their untimely deaths, and the payout would be directed to their families.

The intricate web of allegations and events surrounding this case continues to unfold, with legal proceedings likely to determine the course of action moving forward. The full truth behind these claims remains a matter of ongoing investigation and legal proceedings.

According to reports by Sunday World.

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