Partner admits to taking R15 million cover on DJ Sumbody
Kagiso Setsetse, the business partner of DJ Sumbody, took a R15-million life insurance policy from Momentum. This happened a year before DJ Sumbody was tragically killed execution-style in Joburg last year. However, the substantial payout was withheld by the insurance company due to an ongoing investigation into Sumbody’s untimely demise. In pursuit of information, Detectives temporarily suspended the payment pending a statement from Setsetse.
These unsettling details came from an exclusive interview with Ralph Stanfield, an alleged 28s gang leader and Cape Town entrepreneur, conducted by Sunday World this week.
DJ Sumbody and his business partner
The business partner confirmed that he took a life policy cover policy cover for the deejay but said that this was an agreement they both had as directors of the lucrative club.
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“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 that the money is to be paid out to the family for the shares of the business. In other words, if I don’t wakeup 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 added that the muso also had the same insurance on his name. Setsetse said when the insurance pays, the money will be paid 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 the insurance was frozen by Momentum claiming that an evaluation of the total value of the club was done by the insurance before the money could be paid out.