Update: 12/1/2015

FilmOn founder, Alki David recently updated us on Chief Keef's recent contract suspension for going on an unapproved tour. The billionaire exclusively told us that he didn't like the direction of his management, however, threatens to take legal action if there are anymore violations.

"I will continue working with him. His management is his choice but that doesn't stop me suing the hell our of them and everyone that has worked with Keith during our contract," he tells us.

Since the suspension, the Chicago rapper's luxury vehicle was repossessed by David who planned on gifting Keef with much more before the suspension. "His [BMW] i8 is under lock and key and being aired out still from all the weed. He can get ten more like it. I was about to buy him a f****** house when Peedapan (his manager) and those fools pulled that s***.

Billionaire, Alki David exclusively tells DJ Vlad that Chicago drill rapper, Chief Keef's contract with FilmOnTV has been "suspended." Back in April, the 20-year-old announced his deal with the FilmOn founder through a post on his Instagram page. The specifics of the deal were not disclosed but FilmOn is a web-streaming service that allows for its users to stream live broadcasts on their mobile devices and laptops.

In a statement David tells us, "Chief Keef's contract was suspended 2 weeks ago because his management went off and did a tour without our approval. Not happy with the direction they are taking him." David feels Keef's management is limiting the growth of his career and potential. Through their deal with the rapper, FilmOn wants to launch Chief Keef's career further than the circuit his management team currently keeps him in. "Same sh*t over and over," he says. "Limiting his appeal to a wider audience and I'm not saying he should sell out, just be more prolific."

What really has the 47-year-old mogul upset is who Keef is associating with in his music. "[HE] ends up making unsanctioned videos with child sex traffickers," he told us referring to his 'Let It Blow" video featuring Las Vegas rapper D. Flores. The Glo Gang collaborator was recently charged for allegedly kidnapping and forcing a 15-year-old girl into prostitution and has his bail set at $250,000.

Although, the suspension has not been lifted and the company has decided to repo his BMW i8 while he was on tour, David still believes in Chief Keef's stardom and understands it's the people around him that led to his current label restrictions, "I don't blame Keith - I blame his shady management - Keith is a f****** rap superstar."