R&B producer/songwriter Dallas Austin has refuted reports he is on the verge of bankruptcy, insisting his 20-year career success in the music industry has ensured he is financially sound for life.

Rumors of Austin’s alleged money problems surfaced online earlier this month, when it was claimed he had fired some of the staffmembers at his label Rowdy Records due to a shortage in cashflow. Further reports suggested his business had also suffered when a number of his proposed ventures fell through after investors withdrew from the projects.

But Austin - who has produced songs for artists like TLC, Madonna, and Michael and Janet Jackson - insists reports of his financial woes are far from true.

He says, "I’ve been doing this since I was 16, 17 years old. I’ve owned publishing companies before anybody around here. I was like the first one to do it.

"I’ve owned studios before anybody around here. I’ve owned 100 per cent of my songs. I’ve invested in films, Rowdy TV… As far as my companies are concerned, I’m my own investor. How could I be broke when you open up DUB (car) magazine and I’m standing there with nine cars? I’ve always been my own investor. I own all my companies by myself. I don’t have no partners."

And the 37-year-old - who is set to launch his own fashion label, Rowdy Clothing - claims letting go of the two employees was necessary so he could "restructure the company to bring in new people who know more (about the record business) than I do."