Jare Tiihonen was known as a rap artist Cheek a few years ago.
Everything the man touched turned to gold. Or at least it looked like it outward. The rap artist seemed to be bathed in money, luxury cars changed below, a wardrobe burst into expensive designer clothes and the apartment was a glorious penthouse.
The man’s luxury life was not based on sheer gold, as the financial statements of Liiga Music Oy, which he founded, revealed a skilled businessman named Jare Tiihonen behind the artist Cheek.
Now Tiihonen has left his music career behind, focusing on the real estate business, among other things. This is the company’s first financial statement in which the effects of Cheek’s career have been left behind.
Only one employee
Liiga Music Oy has managed to increase its turnover by as much as 57 percent. Previously, it was 2.3 million, but in recent turnover it is 3.6 million euros.
The company has made a profit of 409,000 euros, so there has been a drop. During the Cheek year, the profit plunged EUR 1.3 million.
Something about the company’s solvency is that the money in the account is 837,000 euros.
The company still had securities worth EUR 900,000 in the previous year, but now there are “more” them worth EUR 45,600.
During the financial year, the company has had one employee, most obviously Jare Tiihonen, who serves as Chairman of the Board and CEO.
For himself, he paid just a bit of a wage, just under a thousand euros a month.
Low salary, big dividends
Still, Tiihonen has not lived below the poverty line, as his company has paid a dividend of 150,000 euros. Of this amount, Tiihonen has to pay only 7.5 percent tax.
Liiga Music Oy, founded by Tiihonen, also has quite fabulous investments, which the company has further inflated, so that currently there are investments worth 4.3 million euros.
Since his career as an artist, Tiihonen has invested in the real estate business. Among other things, he has made real estate investments in the center of Helsinki and in Lahti, where he bought an entire apartment building in late 2018.
Tiihonen’s career change has also been successful in time. The company’s annual report states that the corona epidemic has not had an impact on his company’s operations.
Liiga Music Oy reports on its financial statements first Kauppalehti.