On September 19, actor Kim Soo Hyun’s agency Gold Medalist issued an official statement denying allegations surrounding its accounting practices, settlement payments, and business structure.
Earlier the same day, a media outlet raised questions about Barun No.2 Investment Association, the fund overseeing Gold Medalist. The report highlighted the vague identity of the fund and pointed out that its registered headquarters was a modest building without signage, even though it manages both a major Hallyu star and a KOSDAQ-listed company.
In response, Gold Medalist clarified, “The association was legally registered at the stated address at the time of business registration. Given the nature of investment associations, it is practically uncommon for them to operate from physical office spaces, and this remains the case.”
Further scrutiny was directed at the settlement fees paid to its artists. Despite Gold Medalist recording sales exceeding 20 billion KRW (approximately $14.6 million) in 2024 when Kim Soo Hyun’s drama 'Queen of Tears' became a major hit, settlement payments reportedly totaled only around 270 million KRW (approximately $197,000). Comparisons were drawn with other entertainment agencies that publicly disclose artist settlements in their audit reports.
Addressing this, the agency stated, “Listed companies follow International Financial Reporting Standards (K-IFRS), while unlisted companies like ours adhere to Korean Generally Accepted Accounting Principles (K-GAAP). Therefore, comparing our accounting practices with those of listed companies is misleading. Under K-GAAP, our artist distribution fees are included in the cost of sales, which means there is no accounting issue.”
The company further emphasized its compliance, saying, “We have maintained a legal advisory contract with law firm LKB & Partners for several years and conduct thorough legal reviews across all areas of management. There are no unlawful practices in our operations.”
Gold Medalist currently represents Kim Soo Hyun along with actors Seol In Ah, Choi Hyun Wook, and Kim Su Gyeom.
SEE ALSO: 'Shin's Project' sweeps ratings with explosive momentum after just two episodes
SHARE
