The legal counsel for singer and actor Lee Seung Gi has responded to the most recent accusations made by Hook Entertainment.
On November 25, Hook Entertainment refuted claims that the company withheld Lee Seung Gi’s music distribution revenues for 18 years, saying that “financial documents were confirmed by both sides” in 2021 and that “due payments were paid with both sides signing a mutual agreement.”
Now, on November 28, Lee Seung Gi’s legal counsel has intervened to deny the allegations made above, underlining once more, “In his whole career, Lee Seung Gi has never once gotten a financial report on the money he made from his music. When Hook Entertainment asserts that payments for the artist’s music profits were fulfilled, it is impossible to know what the corporation may be talking to.”
The attorney said, “During the era of Lee Seung Gi’s contract renewal in 2021, Hook Entertainment claimed that all payments were made, however this is untrue. During this period, Lee Seung Gi signed an agreement, but it had nothing to do with his royalties from music. This agreement explicitly covered the 4.7 billion KRW ($3.5 million USD) property investment Lee Seung Gi made in 2021 in Hook Entertainment.”
Earlier this week, a number of media sites revealed that Lee Seung Gi had granted Hook Entertainment a 4.7 billion KRW, 0% interest loan in 2011. Years later, when Lee Seung Gi said he wanted to quit Hook Entertainment to start a one-man agency, Hook Entertainment gaslighted Lee Seung Gi into staying by promising the singer/actor over 6.7 billion KRW in “borrowed money, with interest.”
Below, you can read the complete statement made by Lee Seung Gi’s attorney:
“Hello, this is Lee Seung Gi’s legal counsel.
Hook Entertainment asserted in a formal declaration made public on November 25 that the allegations of withholding music royalties were untrue, that all payment commitments had been met, and that this fact had been acknowledged by all parties.
First, we want to apologize for the erroneous statements made by Hook Entertainment. Such assertions have led Lee Seung Gi to the conclusion that his current attempts to contact Hook Entertainment are futile.
Lee Seung Gi has never before in his career received a record of the money he made from his music, and this is still the case now. When Hook Entertainment asserts that payments for the artist’s music revenues were fulfilled, it is impossible to know what the corporation may be referring to.
What is obvious to us is that Hook Entertainment purposefully withheld from Lee Seung Gi information regarding the financials related to his music revenues. Additionally, there are no records that clearly detail the earnings, so no appropriate payments were paid. Even within these records, there are no references to Lee Seung Gi’s earnings from music distribution. In fact, Hook Entertainment did not start disclosing a record of Lee Seung Gi’s specific earnings until 2018.
If Hook Entertainment gave Lee Seung Gi a percentage of his music revenues as it claims, documents of the payment can be located after a careful financial investigation. It will be simple to incorporate this sum into the legal request for transparent records. You can easily deduct the amount from the additional payments that the company failed to meet if Hook Entertainment made any payments that were due.
We regret that Hook Entertainment has continued to withhold information on Lee Seung Gi’s music revenues, instead choosing to gaslight the artist with insulting remarks like “You are a minus vocalist.”
Furthermore, Hook Entertainment claimed that all payments were made in 2021, which was Lee Seung Gi’s contract renewal time, although this claim is untrue. During this period, Lee Seung Gi signed an agreement, but it had nothing to do with his royalties from music. This agreement explicitly covered the 4.7 billion KRW ($3.5 million USD) real estate investment Lee Seung Gi made for Hook Entertainment in 2011.
Lee Seung Gi sold 4.7 billion KRW worth of real estate investment to Hook Entertainment in 2011 so that they could use it to buy a structure. Kwon Jin Young, the CEO of the agency, did not follow through on any of the commitments made regarding the investment. When Lee Seung Gi tried to leave Hook Entertainment, the company gaslighted him by rephrasing his investment as merely “borrowed money,” then returned the sum with interest.
Now, we have a question for Hook Entertainment. How could Lee Seung Gi, who was unaware that his music was making money up until this point, have agreed to a record of music profits and been paid appropriately?
If Hook Entertainment tries to claim that this agreement, which was signed in 2021, dealt with the artist’s music profits and that payments were made in accordance with common understanding, then this can be seen as a blatant instance of fraud.
Lee Seung Gi, on the other hand, thinks that all of the problems that have recently made the headlines are a product of his own inexperience and immaturity, which came about as a result of making his debut at a young age. Lee Seung Gi is currently feeling really sorry for raising so many people’s concerns about his private life.
Finally, we genuinely believe that by exposing the truth, all difficulties will be settled fairly. We demand that Hook Entertainment cease upsetting other people with additional exaggerations and lies.
I appreciate it.”