Posted by Sophie-Ha Monday, November 28, 2022

Lee Seung Gi's side claims he invested in the Cheongdam-dong building while Hook Entertainment says he didn't


Lee Seung Gi and Hook Entertainment are claiming two different things about the building in Cheongdam-dong. While Lee Seung Gi claims he invested money to purchase the building, Hook Entertainment is claiming that they had only borrowed the money from Lee Seung Gi.

It was revealed that Hook Entertainment borrowed money from Lee Seung Gi to purchase a building in Cheongdam-dong. However, there were suspicions that the building was supposed to be bought together with the singer, but Hook Entertainment did not register Lee Seung Gi's name on the deed, nor did they pay him any profit generated by the building.

According to a November 28 report by Chosun Ilbo, Hook Entertainment borrowed 4.725 billion KRW (~3.5 million USD) from Lee Seung Gi in 2011 to purchase a building in Cheongdam-dong for 9.45 billion KRW (~7.04 million USD).

At that time, Hook Entertainment was said to have received 4.725 billion KRW from Lee Seung Gi. While Hook Entertainment agreed to pay for the building acquisition tax and registration tax, it was settled that Lee Seung Gi and Hook Entertainment would each pay half of the building purchase fee and real estate commission fees.

However, it was revealed that Lee Seung Gi's name was not registered under the ownership. The media outlet reported that Lee Seung Gi had requested for his name to be listed as joint ownership several times, but Hook Entertainment delayed the registration for one reason or another. The outlet also reported that Hook Entertainment was able to earn 3.1 billion KRW (~2.3 million USD) in total monthly rent revenue from 2013 to 2021, but Lee Seung Gi received 0 KRW.

Then, after Hook Entertainment paid Lee Seung Gi the principal amount and an interest of 1.98 billion KRW (~1.5 million USD), they wrote an agreement confirming that Lee Seung Gi would not claim any rights to the building.

Hook Entertainment returned Lee Seung Gi's loan money and sold the building in Cheongdam-dong for 17.7 billion KRW (~13.2 million USD) and made a profit of about 8.2 billion KRW (~6.1 million USD).

In a phone interview with Chosun.com, Hook Entertainment's legal representative explained, "It is not true that Lee Seung Gi and Hook Entertainment each invested half-half into the building. The company decided to borrow half from Lee Seung Gi. The settlement was made with Lee Seung Gi before the building was sold but it seems that Lee Seung Gi's side is claiming he had invested in the building. But wouldn't it be odd to give the money even before the building was sold?"

Lee Seung Gi's legal representative, attorney Lee Dong Hoon claimed, "For a long time, Lee Seung Gi did not properly receive the return of the investment in the building as well as the settlement of music royalties. Despite Hook Entertainment’s unreasonable request for an agreement, Lee Seung Gi raised no objection because he had no way to get his investment back other than through Hook Entertainment’s proposal."

  1. Lee Seung Gi
13 16,713 Share 93% Upvoted
beatrizl5,483 pts Monday, November 28, 2022 1
Monday, November 28, 2022

The company decided to borrow half from Lee Seung Gi.

Because "borrowing" money from your artist is something that goes around, everybody does it... specially "decided" by the company itself. Ok, let me make some profit on your "borrowed" money and you wont see a dime of it.

15 (+15 / -0)

1 more reply

Msgulfkat7586,006 pts Monday, November 28, 2022 0
Monday, November 28, 2022

Wow, just wow, does it seem Hook Entertainment is throwing some bull hockey around? Their words "we decided" states their intention of defrauding

7 (+7 / -0)


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