The E&M "Dismissal of Lawsuit Challenging the Invalidity of Cheongna Video Culture Complex Consortium Selection"

THE E&M has received a ruling confirming that there is no issue with its selection as the preferred negotiator for the Cheongna Video Culture Complex project.

On the 25th, the Incheon District Court ruled against the lawsuit filed by some companies in the KT consortium, who sought to nullify the decision by the Incheon Free Economic Zone Authority to select the preferred negotiator for the Cheongna Video Culture Complex project.

Previously, some companies in the KT consortium filed a lawsuit requesting the cancellation of THE E&M consortium’s selection as the preferred negotiator, arguing that the evaluation process of the project proposals for the Cheongna Video Culture Complex unfairly favored THE E&M consortium.

A representative of THE E&M stated, “The plaintiffs initially proceeded only with a nullification lawsuit without filing for a provisional suspension of execution, and since our company was not a party to the lawsuit, we have been moving forward with the project regardless of the court’s decision. Now that the ruling confirms there is no issue with the fairness of the preferred negotiator selection, we plan to proceed with full negotiations with the Incheon Free Economic Zone Authority regardless of whether there is an appeal.”

Meanwhile, THE E&M recently signed a joint venture (JV) agreement with the global financial investment firm OWI (ONE WORLD IMPACT INVESTMENT HOLDINGS LTD) to invest in a global studio business and is currently establishing the joint venture in Singapore. Additionally, THE E&M is advancing phased projects with XM2, a global special effects filming company, to create a world-class studio at the Cheongna Video Culture Complex.