YG STUDIOPLEX Releases Official Statement On Former Co-CEO’s Controversy And Sung Hoon’s Unpaid Wages
YG STUDIOPLEX, the drama production company established under the YG label, has announced they will be pressing criminal charges against the drama production company CEO who was recently revealed to have disappeared with money from investors.
Earlier on January 17, it was reported that the CEO of drama production company The Wind That Carries Wishes had disappeared, taking between 4 to 5 billion won (approximately $3.6 to $4.5 million) in funds meant to be invested in new dramas. The CEO of the company was also the co-CEO of YG STUDIOPLEX, and actor Sung Hoon stepped forth to reveal his plans to take legal action against YG STUDIOPLEX for failing to pay him for his work on the web drama “I Picked Up a Celebrity On The Street.”
YG STUDIOPLEX has now released an official statement explaining the situation, as well as stating their plans to press criminal charges against the CEO of The Wind That Carries Wishes. Their statement reads as follows:
We are here to notify you for our pursuit of criminal charges against YG STUDIOPLEX (hereafter known as YGSP)’s former co-CEO Mr. Cho.
Before he became the co-CEO of YGSP, Mr. Cho was the head of production company The Wind That Carries Wishes, which signed a drama production consignment contract with YGSP.
Mr. Cho abused this fact to illegally sign a contract with a Japanese distribution company to sell the rights to the drama “Love Alert” through his personal business The Wind That Carries Wishes, and not YGSP. He then took the down payment that was made.
After learning about this, YGSP immediately began the process to nullify the illegal contract (changing to a normal distribution contract with YGSP), and we asked Mr. Cho to step down from his position as co-CEO of YGSP. We have also pressed criminal charges against Mr. Cho for malpractice.
All of the claims currently being made against Mr. Cho were the result of actions taken individually by Mr. Cho or his personal drama production company. YGSP is also a victim of his actions, and we are in the process of investigating the extent of Mr. Cho’s illegal actions.
In the case involving unpaid wages for the web drama “I Picked Up a Celebrity On The Street,” the actor in question [Sung Hoon] signed his contract with The Wind That Carries Wishes. YGSP has already fulfilled its requirements of paying all production fees to The Wind That Carries Wishes.
However, we will also be looking into the cases regarding unpaid wages and other matters to get a full understanding of the situation, and we will do our best to take moral responsibility for this issue. Thank you.