Justin Bieber has been hit with major financial setback!
In a shocking new update, TMZ on Wednesday, May 14, reported that the 31-year-old Canadian singer owes a major debt to his former manager, Scooter Braun, despite parting his ways with the music mogul nearly two years ago.
As per the outlet, PricewaterhouseCoopers (PWC), which is a leading accounting firm, conducted an in-depth audit over a period of six months, in which they exposed that the Peaches crooner owes more than $8,806,000 to the 43-year-old American businessman and investor.
The Sorry singer’s world tour, Justice, which was originally planned for 2020 but got delayed due to COVID-19 pandemic, was rescheduled for 2022, but had to end early because of Justin’s heath issues. As a result, he ran into a financial trouble which forced him to borrow a large amount of money from Scooter’s company, Hybe.
After Hybe agreed to settle the singer’s debt, Justin committed to repay the loan over a period of ten years. However, after making just one payment, the Never Say Never singer stopped paying.
According to Justin Bieber’s finance manager, Lou Taylor, the singer had overpaid Scooter Braun by $26 million.
As a result, Scooter’s Hype conducted its own internal audit and revealed that the music mogul was actually underpaid and the singer owed him $1 million.
However, as per the Yummy singer’s team, Hybe’s audit was biased.
To settle the matter, Hybe hired an independent auditor, PWC, to conduct the audit, which now shows that Justin owes nearly $9 million to Scooter.
Justin Bieber to sue his business managers:
Last year, it was reported that Justin Bieber has been considering suing his former business managers on accounts of mismanaging his substantial fortune.
However, there has been no visible progress on the matter as of now.
