South Korean singer and actor Lee Seung Gi’s legal representative denied Hook Entertainment’s claims in the additional statement that they have settled all their debts to the singer regarding unpaid music profits.
Lee Seung Gi’s legal representative denies Hook Entertainment’s claims that they have paid off all their debts
According to Korean tabloid Soompi, it was previously reported on November 26 that Lee Seung Gi loaned CEO Kwon Jin Young a total of 4.725 billion won (about $3.538 million) with zero interest, and the CEO bought a residence in the famous Hannam the Hill luxury apartment complex. Hook Entertainment and CEO Kwon Jin Young briefly responded that the acquisition has nothing to do with the agency and Lee Seung Gi.
Following the statement, Lee Seung Gi’s legal representative released an additional statement. “Hook Entertainment shared through their statement on November 25 that it is not true that they did not pay music royalties. [to Lee Seung Gi] and that they paid off all their debts with Lee Seung Gi,” the statement began. “We deeply regret Hook Entertainment’s false claims, and with this, Lee Seung Gi has determined that further conversation with Hook Entertainment is meaningless.”
“Lee Seung Gi never received a bank statement for his music earnings,” the statement continued. “There is no way to tell what kind of payment Hook Entertainment made to Lee Seung Gi for his music or by what method. What is certain is that Hook Entertainment intentionally hid from Lee Seung Gi the truth that profits were being generated from music and that no profit payments were made based on accurate breakdowns and evidence. If Hook Entertainment paid Lee Seung Gi for his music, they can provide clear proof of payment by thoroughly checking the deposit and withdrawal statements.”
The statement also says: “The calculations are also simple. If there are details of the underlying payment for the music, as claimed by Hook Entertainment, they can exclude it from the unpaid payment. Despite the fact that this is not a difficult issue at all, we once again express our regret [Hook Entertainment] he didn’t disclose the sales and settlement statements for his music profits and that they encouraged him so far, telling him, “You’re a break-even (ie negative profit margin) singer.
The representative also said, “When Lee Seung Gi renewed his exclusive contract with Hook Entertainment around 2021, they revealed that they had cleared all bond-debt relationships between the parties, but this is not true at all. We would like to make it clear that the relevant written agreement is not an understanding between Lee Seung Gi and Hook Entertainment for his music profits. The 2021 agreement between Lee Seung Gi and Hook Entertainment was regarding Lee Seung Gi’s real estate investment of 4.7 billion won in Hook Entertainment.
Around 2011, Hook Entertainment received an investment of 4.7 billion won from Lee Seung Gi due to the purchase of a building. CEO Kwon Jin Young has not kept any of his promises regarding the investment. When Lee Seung Gi expressed his intention to terminate his management contract with Hook Entertainment, Hook Entertainment revealed that they would treat the existing investment as a loan and in the process wrote an agreement while giving them removed Lee Seung Gi’s investor rights.
In fact, we want to ask Hook Entertainment how Lee Seung Gi, who didn’t even know the truth about the music profits, can determine the music profits and make an agreement about it. If Hook Entertainment asked Lee Seung Gi to sign an agreement in 2021 considering the settlement of music profits, this is obviously a case of fraud. All the problems stem from Lee Seung Gi’s lack of experience since debuting at a young age, and we convey that Lee Seung Gi only feels sorry for worrying many people with personal issues.”
The legal representative concluded by stating, “We hope that the matter will be resolved with a clear confirmation of the facts and that Hook Entertainment will no longer cause problems for many people through misrepresentation and lies.”
Also read: Lee Seung Gi’s legal representative addresses not receiving music profits from Hook Entertainment
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