Founder and CEO of Grandpa Records Refigah has finally addressed the recent reports that he has gone broke.

The rumor mill has it that Refigah has been counting losses occasioned by the mass exodus of Grandpa’s top signees including Kenrazy, Sosuun, Kidis, DNA and Dufla Diligon.

Refigah’s recent venture into real estate has also not helped quell the rumors that the once-booming music business was no longer lucrative and the CEO was looking into new ways of making money.

However, the 36-year-old businessman, whose net worth in 2014 was estimated at Sh36 Million, has rubbished the broke reports.

“Broke? I’m doing just fine,” he told People Daily.

“This is unprofessional journalism. They should have called me instead of publishing such crap,” he added.

Refigah also defended his new business venture -Grandpa Suites and denied turning his studio into apartments.

The likes of Sean Diddy Combs, own businesses. Closer home, Jose Chameleone is also a heavy investor. What is the problem when I do the same? And again, those saying I changed the studio to furnished apartments are lying,” Refigah stated.

In June, Refigah claimed that he was restructuring Grandpa and looking to expand in Rwanda.

“I know we have been quiet for a while, actually since mid-last year to date we haven’t released a single song. This is because we are restructuring Grandpa. We still have artistes signed to us including Ciny Sanyu,” Refigah told Nairobi News.

“In August we will be launching Grandpa Rwanda, so big things are on the way. We will be making a huge announcement after the Ramadhan,” he added.