Michael Jackson Foundation Borrowed $6 Million From Katherine Jackson

The Michael Jackson Foundation has borrowed $6 million from Katherine, his mother, to pay off a debt from several years ago.

17 years ago, Katherine Jackson carried out a contract with a Korean company. She had guaranteed that her sons, including Michael, would hold a concert in that country. She received a significant amount of money in return for the deal, but the idea of the concert was never carried out. The company sued Katherine and won in court, and Katherine was required to pay $1 million in compensation.

That $1 million over these 17 years has now become $14 million, but Katherine’s lawyer and the company have agreed on $6 million. The Michael Jackson Foundation has agreed to pay Katherine this $6 million. Of course, this amount must be repaid within one year at an interest rate of 16%.

Source: eMJey.com / TMZ