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HOOK, “Lee Seung Gi’s ‘0 won music settlement’? It’s not true… We prepared a written agreement”

HOOK Entertainment denied allegations of not paying Lee Seung Gi his music revenue for 18 years.

HOOK Entertainment (hereinafter referred to as ‘HOOK’) said on November 25th, “As we already mentioned in the previous press release, we are disappointed that unconfirmed facts are spreading while we are in the process of collecting and organizing accurate data on the content certification we received from Lee Seung Gi’s legal representative”.

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They explained, “When Lee Seung Gi’s exclusive contract expired and was renewed in 2021, he already confirmed the settlement details and agreed to form a financial relationship with us. We also prepared the written agreement to prove this fact”, adding “Nevertheless, following Lee Seung Gi’s complaint, we have been reviewing the settlement details of the considerable amount of profits we paid to Lee Seung Gi once again with experts.”

HOOK continued, “The content of our contract with Lee Seung Gi, which was recently announced through a media outlet, and the claim that Lee Seung Gi has never received any payment for his music activities are not true at all”, adding “If there is anything wrong with our management, we will immediately correct it and take responsibility. As a management agency, which has to maintain relationships with its celebrities based on trust, we once again apologize for showing such an insufficient performance.”

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Lee Seung Gi’s teacher Lee Sun Hee was also mentioned. HOOK said, “Lee Sun Hee was nominally listed as a director because she is an artist who has been with HOOK since the beginning. HOOK was a one-man company run by CEO Kwon, who owned 100% of the shares, from 2006 to 2021. Lee Sun Hee was not involved in the company’s management or profit distribution”.

Earlier on November 21st, Dispatch reported that Lee Seung Gi has not been paid by HOOK for his music activities over the past 18 years.

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According to the report, Lee Seung Gi’s music revenue since his debut is estimated to be about 9.6 billion won, but he has not received any settlement from his agency. Supposing Lee Seung Gi’s music sales from 2004 to 2009, which were not recorded due to the missing of the accounting book, are added, his music revenue could even exceed 10 billion won. In addition, it was also revealed that CEO Kwon raged and said abusive remarks toward Lee Seung Gi when he sent the request for his settlement accounting details.

Below is the full text of HOOK’s statement.

“Hello. This is HOOK Entertainment.

First of all, we would like to apologize to many people for the bad news that continues every day and for our insufficient side due to the current problem between our company and Lee Seung Gi. In particular, we would like to apologize to Lee Seung Gi, who is having a hard time due to this issue. We also want to apologize to those who were hurt by the inappropriate remarks and actions of CEO Kwon Jin Young.

As we already mentioned in the previous press release, we are disappointed that unconfirmed facts are spreading while we are in the process of collecting and organizing accurate data on the content certification we received from Lee Seung Gi’s legal representative.

When Lee Seung Gi’s exclusive contract expired and was renewed in 2021, he already confirmed the settlement details and agreed to form a financial relationship with us. We also prepared the written agreement to prove this fact.

Nevertheless, following Lee Seung Gi’s complaint, we have been reviewing the settlement details of the considerable amount of profits we paid to Lee Seung Gi once again with experts.

The content of HOOK’s contract with Lee Seung Gi (such as the profit ratio), which was recently announced through a media outlet, and the claim that Lee Seung Gi has never received any payment for his music activities are not true at all. 

If there is anything wrong with our management, we will immediately correct it and take responsibility. As a management agency, which has to maintain relationships with its celebrities based on trust, we once again apologize for showing such an insufficient performance.

In the case of Lee Sun Hee, she was nominally listed as a director because she is an artist who has been with HOOK since the beginning. HOOK was a one-man company run by CEO Kwon, who owned 100% of the shares, from 2006 to 2021. Lee Sun Hee did not engage in the company’s management or profit distribution.

HOOK will not tolerate the act of defaming and damaging our artists’ reputations with speculations related to the current issue. We will take strict legal action through our legal representative. 

Thank you.”

Source: wikitree

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