Here’s How The Marley Family RETAINED Bob’s Wealth
Many people know the legacy of Bob Marley where his music is concerned and the millions of dollars in value he left behind when he passed in 1981, but only a few are aware of the toiling his family had to go through to gain possession of the wealth.
In a recent video, the YouTube channel; “Teach Dem”, gave a bit of information concerning the fight for the Reggae Legend’s assets, and Yardhype wants to give you a breakdown for you to better understand what took place.
The struggle took over a decade for the wealth to be passed on to the wife and the 11 recorded children of Marley, and it was mainly between them and the administrator of the assets for which a Mutual merchant Bank and Trust company limited was responsible at the time.
According to the information that is out to the public, the administrator wanted to sell the assets however the Marley family opposed such an action. In the same time frame, it was said that the administrator struck a deal with a foreign company for 8.2 million dollars however, the family of the singer later filed a complaint stating that the amount was too low.
After bringing the matter to local courts and not being successful, the family was said to have taken the matter to the Privy Council who upheld their appeal, then remitted the case to a Supreme Court with an order for the administrator to advertise the assets widely.
A higher price was then said to have been offered to the administrator which would allow each beneficiary of the assets to get $1 million US dollars.
After the offer, the administrator of the assets reportedly took the matter to court, but the Marleys had already taken action on their side by teaming up with Island Records to devise a way to protect the assets and the infant children of Bob Marley.
The new partnership that took place between the family of the late Reggae singer and Island Records at the time, saw them putting money through the label that would guarantee them that each child would have gotten the 1 million dollars they would have received from the other sale by the time they are 18 years of age.
An alternative offer was proposed however, that would lead to the children getting the 1 million dollars plus interest or get the amount as their share of the assets.
The administrator at that point accepted the offer of the foreign company which had the case returned to the supreme court.
The Marley family was successful nonetheless, as in the year 1991, there was a court hearing that was presided over by retired court of appeal Judge Clarence Walker who approved the family’s position about keeping the assets as well their joint venture with Island Records.
A part of the assets includes Bob Marley’s image, likeness and right to use them, which according to the family would have been used in ways not approved by them or Bob Marley if sold.
Several other legal issues have risen since then with some of the singer’s music associates but were later quelled through settlement.
Today, the Marley family owns many enterprises, including clothes and accessory stores, Cannabis dispensaries, a well-established studio, a museum and many more ventures that continue to build on the legacy of the “One Love” legend.
