I like a mixture of the two. T'Chaka survives the assassination attempt by Klaw, which could've been in Azania. Realizing he's been set up, he crosses the border to prevent Klaw's cronies from taking billions of dollars worth of vibranium. The cronies being an earlier version of the Supremacists. He kills all of them and is killed by Klaw after being driven to exhaustion.
Klaw eventually assembles a new Supremacist team, a team of mercenaries that act as the superpowered security forces of Azania. He also has other agents in his criminal smuggling empire, like the leader of the Hyena Clan, Cannibal, Solarr (his partner from the 80s I believe), and at first, Princess Zanda of the Collectors.