CEO Kwon Jin Young purchased real estate in cash while holding Lee Seung Gi’s money without interest

While Hook Entertainment is exposed of borrowing 4.72 billion won from Lee Seung Gi for six years without interest, Hook’s CEO Kwon Jin Young is said to have bought the luxurious Hannam The Hill in Hannam-dong, Seoul in full cash.

According to a Tenasia report on Nov 26th, Hook Entertainment borrowed 4.72 billion won from Lee Seung Gi from 2014 to 2021. Lee Seung Gi, who recently reported that he had received none of the supposed music settlement from his agency, did not receive any interest on the 4.72 billion won lent to CEO Kwon’s Hook Entertainment.

In addition, Hook Entertainment put the 4.72 billion won lent by Lee Seung Gi as a “short-term loan” item in its audit report. However, short-term loans are loans with a repayment period of less than one year. Borrowings for more than one year should be classified as a ‘long-term loan’. Lee Seung Gi only received the money back in 2021 when Hook Entertainment was acquired by Chorok Baem Media.

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After Hook borrowed a huge amount of money from Lee Seung Gi without interest, CEO Kwon Jin Young purchased an apartment in Hannam The Hill. Hannam The Hill is home to many famous celebrities, high-ranking government officials, National Assembly members, and chaebol families. In May 2016, CEO Kwon paid 3.4 billion won in cash without a loan to purchase 74 pyeong (244 m2) of Hannam The Hill in Hannam-dong, Seoul. Expanding her financial resources, CEO Kwon is still owning the apartment. The current transaction price of the apartment is 7 billion won. In other words, she has earned more than 2.6 billion won in capital gains. In addition, the sale price of the apartment sometimes exceeds 8 billion won.

Kwon Jin Young

In July 2016, two months after buying the apartment, Kwon borrowed 1.8 billion won from the bank as an apartment mortgage. In July 2017, she paid back 1.8 billion won at once.

While CEO Kwon Jin Young could purchase her apartment in cash and repay bank loans at once, her artist Lee Seung Gi received 0 won for his music revenue over the past 18 years. The CEO even borrowed money from Lee Seung Gi for 6 years without interest to run her company.

Hook Entertainment

Regarding the controversy, Hook claimed, “The content of our contract with Lee Seung Gi, and the claim that Lee Seung Gi has never received any payment for his music activities are not true at all”. CEO Kwon also said, “In the future, if there is any part that HOOK Entertainment or I, personally, are confirmed to be legally responsible for, we will take full responsibility without stepping back and avoiding it”. Did CEO Kwon borrow money from Lee Seung Gi, who has never received any music revenue settlement, to manage the company or to satisfy her eagerness in increasing her wealth?

Source: Tenasia

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