Judge orders Jay-Z to appear in court after ignoring SEC subpoenas

A federal judge has ordered Shawn Carter 'Jay-Z' to explain why he shouldn't have to testify in an SEC probe into Iconix, the company that now owns the Rocawear clothing brand he co-founded.

Jay Z must now appear in a Manhattan court room on May 8th to make his case, according to a court document made public on Thursday. The SEC (Securities and Exchange Commission) said it asked a federal judge to step in after Carter ignored two subpoenas requesting his testimony.

Though Jay Zis not the focus of the SEC probe, rather the agency is focused on Iconix, a brand management company that owns labels including Candie's, London Fog and Rampage. Carter and business partner Damon "Dame" Dash sold the rights to their urban apparel line Rocawear to Iconix in 2007 for $204 million.

The SEC says Carter and Iconix "maintained publicly-disclosed partnerships related to the Rocawear brand" after the sale. Regulators are investigating "potential violations" of federal financial disclosure laws by Iconix, the SEC said in a statement. As part of that probe, the investigators issued Carter a subpoena seeking his testimony in November 2017 but he never showed up. It issued a second subpoena in February that Carter also ignored.

The SEC said that its efforts to force Carter to testify in the probe do "not reflect a determination by the SEC" that he violated federal law, the agency said. When reached for comment, a representative for Carter issued a statement saying they "are aware that the SEC is seeking information on Iconix's financial reporting. Mr. Carter had no role in that reporting or Iconix' s other actions as a public company. Mr. Carter is a private citizen who should not be involved in this matter," the statement reads.

If Jay Z fails to show up in court, he could be found in contempt, according to a court filing. And if he fails to convince the judge that he should not have to testify in the SEC probe, he could be forced to give his testimony on May 11.

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Kano Hisbah Board destroys 30 trailer loads of beer worth N150 m

The Kano State Hisbah Board has seized and destroyed 30 trailer loads of beer worth N150 million. In a statement released on Tuesday December 25th, the board’s Public Relations Officer, Adamu Yahaya, said that the cartons of beer were destroyed on Monday evening December 24th after interception at Kalebawa on Danbata Road in Dawakin Tofa area. “The Kano State Law No. 4 of 2004 has banned the manufacture and use of intoxicants in the state. Furthermore, an order was given by a magistrates’ court for us to go ahead with the exercise,” the public relations officer said. The worth of a trailer load of beer is between N5.2 million and N5.5 million. The sale of beer and its consumption has been banned in Kano state.

BANDIT GUNRUNNER ARRESTED

Police in Zaria city arrested Bilyaminu Saidu 33years, a gun runner, bandit & logistics supplier. He was arrested with 4 AK-47 rifles, 344 rounds of live ammunition & one motorcycle. Bilyaminu is an indigene of Shuwaki village in Bakori LGA of Katsina state.

Airline pilot was "sucked halfway out" when cockpit windshield broke

An airline pilot had a close brush with death when he was "sucked halfway out" of the plane after a cockpit windshield blew out. A Sichuan Airlines flight was forced to make an emergency landing on Monday and it was later reported that the reason for the emergency landing was because the cockpit windshield blew out and almost tossed the pilot out of the plane. But for his seat belt, he would have been sucked out completely. Captain Liu Chuanjian has been hailed as a hero on social media after having to land the Airbus A319 manually. He told the Chengdu Economic Daily his aircraft had just reached a cruising altitude of 32,000ft when a deafening sound tore through the cockpit. There was a sudden loss of pressure and drop in temperature. When he looked over, the right windshield was gone....

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