Contracted to his agency HOOK Entertainment for 18 years, Korean singer and actor Lee Seung Gi has never received a penny of his music profits, despite releasing some 137 tracks. Having nullified his contract recently, Lee Seung Gi’s legal representative issued a second statement on November 28 which alleged that the company was full of “distortion and lies”.
Lent CEO 4.7 Billion Won in 2021?
HOOK Entertainment had claimed that Lee Seung Gi’s 2021 agreement, when he renewed his contract, had been related to the settlement of music profits – this is rebutted by the singer. In his second statement, Lee Seung Gi denied HOOK Entertainment’s assertion that settlement details of base payment for music have been made and expressed regret that the company withheld sales data and related statements.
Amid the ongoing controversy, it surfaced the singer had previously invested 4.725 billion won at zero interest, for the purpose of property investment, which CEO Gwon Jin-young reportedly used to purchase a unit at premium residence Hannam the Hill, one of the most expensive apartments in South Korea. HOOK Entertainment had then asserted that if Lee Seung Gi wants to terminate his contract, the sum would be treated as a loan, for which they wrote an agreement – which had nothing to do with his music revenue, but was related to his investment rights regarding the sum.
Apologizes for “Making Many Worry”
Attributing the saga that have arisen due to him having debuted at a “very young age”, the statement added that he lacked the social experience and was therefore in the dark for many years. It said, “I’m truly apologetic for making so many people worry due to my personal issues.”