Hook Entertainment CEO Kwon Jin-young: "If There Is a Responsibility, I Will Resolve It Even by Disposing of Personal Assets"

Singer and actor Lee Seung-gi involved in music revenue settlement dispute

Singer Lee Seung-gi (left) and CEO Kwon Jin-young. Photo by Hook Entertainment

[Asia Economy Reporter Lee Isul] K-pop singer and actor Lee Seung-gi and Hook Entertainment CEO Kwon Jin-young, who are in a dispute over music revenue settlement, have expressed their willingness to take responsibility by liquidating assets if there are parts they must be accountable for, as the controversy grows.

On the 30th, CEO Kwon released a statement saying, "I have worked as a manager for 25 years and have experienced many things, but this is the first time I have faced such a difficult and challenging situation," adding, "I believe that responsibility must follow any dispute or misunderstanding from beginning to end." He continued, "I hope that neither Hook Entertainment, which I have built with all my efforts over 25 years, nor the artists currently under our agency suffer any damage," and apologized, saying, "Once again, I bow my head and express my sincere apologies."

Regarding the recent settlement controversy with Lee Seung-gi, he stated, "I will take full responsibility for the dispute involving Mr. Lee Seung-gi, humbly accepting the responsibility I must bear without evasion, and I will take responsibility by liquidating my personal assets." He also bowed his head and apologized to the Hook Entertainment staff who must have endured hell every day due to this sudden incident, as well as to everyone who had to see the unpleasant news because of this situation.

CEO Kwon is currently in conflict with his signed artist Lee Seung-gi over the settlement of music revenue. The controversy arose when Lee Seung-gi sent a certified letter demanding answers, claiming that he has not received a single penny of music revenue since joining the company in 2004. CEO Kwon denied the claim that the settlement amount was zero. Both parties are confronting each other through legal representatives. Additionally, Lee Seung-gi's side claims that Hook Entertainment invested 4.7 billion KRW when purchasing a building in 2011, but only received the principal and interest at that time, and that CEO Kwon did not keep his promises. Furthermore, allegations have surfaced that CEO Kwon misappropriated corporate card funds for personal use and led a luxurious lifestyle, intensifying the controversy.