Posted by sl278305 pts Wednesday, March 25, 2020

Banana Culture CEO denies claims that the label will be shutting down


Banana Culture's CEO has spoken out to address the rumors that the label would be shutting down. 

CEO Yoo Jae Woong called the rumors over-exaggerated and stated on March 25th that the news "was not true and overexaggerated. Right now, we have boy group TREI and female trainees." 

Former EXID member LE also posted on Instagram on this day, with a caption stating: "I have decided to part ways with Banana Culture who I have been with for so long after discussion. From now on, I will show you good sides of myself and good music so please support my new start." LE is final EXID member to have left the agency. Rumors began to grow after reports that trot singer Sung Eun left the label as well to become a freelancer. 

Junghwa and Hani left last May, Hyerin in January, and Solji in February of 2020. Claims began to spill that the label was not functioning and that business had been wrapped up, leading to CEO Yoo Jae Woong's direct refutal of the allegations. He also stated that since Banana Culture cannot shut down randomly due to their involvement with Chinese businesses, and that the label is waiting to begin business with other investors, proving Banana Culture's well running activities. 

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oscar_chen0 pt Thursday, March 26, 2020 0
Thursday, March 26, 2020
Wang Si Cong, the founder of Banana Entertainment China and several other businesses, has reportedly been running into financial difficulties in 2018, and was ordered by court to compensate the investors over US$285 million in 2019. And in 2015 Wang decided to purchase Yendang Entertainment, aiming to promote EXID and market them to the world. Since then, Yendang Ent has changed its name to Banana Culture Korea. There is no wonder that we haven't heard anything from the remaining members, LE, Solji and Hyerin since last year, after Hani and Jeonghwa have decided not to renew their contracts with BC Korea. With the financial uncertainty of Wang, BC Korea must have suffered a great deal too. And who in their rightful mind would not have chosen to leave the company? 😢😢😢


love6r-12 pts Thursday, March 26, 2020 0
Thursday, March 26, 2020

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