South Korean singer-actor Lee Seung Gi’s legal representative denied Hook Entertainment’s claims in their additional statement that they settled all their debt obligations to the singer regarding unpaid music profits.
Lee Seung Gi’s legal representative denies Hook Entertainment’s claims that they settled all their debt obligations
According to Korean tabloid Soompi, Previously, it was reported on November 26 that Lee Seung Gi had lent CEO Kwon Jin Young a total of 4.725 billion won (approximately $3.538 million) with zero interest and the CEO had purchased had purchased a residence in the famous luxury apartment complex Hannam the Hill. Hook Entertainment and CEO Kwon Jin Young both briefly responded that the purchase 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 have not paid music profits [to Lee Seung Gi] and that they settled all their debt obligations with Lee Seung Gi,” the statement began. “We express deep regret regarding Hook Entertainment’s false claims, and through this, Lee Seung Gi has determined that further conversation is meaningless with Hook Entertainment.”
“Lee Seung Gi never received a statement of accounts for his music profits,” the statement continued. “There is no way of telling at all what kind of payment Hook Entertainment made to Lee Seung Gi for his music or through what method. What is certain is that Hook Entertainment purposefully hid from Lee Seung Gi the truth that profits from music were being generated and that profit settlements based on accurate breakdowns and evidence did not occur. If Hook Entertainment paid Lee Seung Gi for his music, they can provide clear evidence of payment through thorough verification of deposit and withdrawal statements.”
The statement further read, “The calculations are also simple. If there are settlement details of the base payment for music as Hook Entertainment claims, they can exclude it from the unpaid payment. Despite this not being a difficult problem in the slightest, we once again express regret that [Hook Entertainment] has not revealed the sales and settlement statements for his music profits and that they consistently gaslighted him until now by telling him, ‘You are a minus singer (meaning negative profit margin).’”
Th representative further shared, “At the time Lee Seung Gi renewed his exclusive contract with Hook Entertainment around 2021, they revealed that they had cleared up all the bond-debt relationships between the parties, but this is not true in the slightest as well. We want to clearly inform that the relevant written agreement is not a settlement agreement 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 for the reason of purchasing a building. CEO Kwon Jin Young did not keep any promises regarding the investment. When Lee Seung Gi expressed his intent to terminate his management contract with Hook Entertainment, Hook Entertainment revealed that they would treat the existing investment as a loan, and in that process, they wrote an agreement while removing Lee Seung Gi’s rights as an investor.
We actually want to ask Hook Entertainment how Lee Seung Gi, who did not even know the truth about music profits being generated, can settle the music profits and make an agreement on that. If Hook Entertainment requested Lee Seung Gi sign an agreement in 2021 with the settlement of the music profits in mind, that is obviously a case of fraud. All the issues originated from Lee Seung Gi’s lack of experience from having debuted at a young age, and we convey that Lee Seung Gi only feels apologetic for making many concerned with personal issues.”
The legal representative concluded stating, “We hope that the problem will be settled through clear confirmation of the facts and that Hook Entertainment no longer causes trouble for many people anymore through distortion and lies.”
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