▲This photo, provided by Hook, shows singer Lee Seung-gi. (PHOTO NOT FOR SALE) (Yonhap)

 

▲This photo, provided by Community Chest of Korea, shows Kwon Jin-young. (PHOTO NOT FOR SALE) (Yonhap)

 

 

SEOUL, Dec. 2 (Yonhap) -- Singer and actor Lee Seung-gi has decided to terminate exclusive contract with Hook Entertainment after the agency admitted that it failed to pay the singer his earning adequately.

According to the music industry on Thursday, Lee filed a notice regarding terminating their exclusive contract.

Lee has previously said, on Nov. 24, "I was not aware that profits were being made from streams and downloads because agency mentioned nothing about it," adding, "I decided that I can no longer keep faithful relationship Hook Entertainment, who I relied on like a family, and CEO Kwon Jin-young."

The music industry accept Lee Seung-gi's break-up with Hook as an established fact.

As Lee Seung-gi declared his decision to terminate the contract, the ball went over to Hook.

If Hook accepts it and their exclusive contract ends, Lee will be a 'free man,' but if not, this can go to court battle.

It is also known that Lee has recently received a reply to a settlement details over the profits from streaming and download. While Hook confirmed that they have never financially compensated Lee Seung-gi for his songs, they did not specify how they will pay back the singer.

CEO Kwon Jin-young released a statement saying "I will lower myself to take full responsibility in the dispute with Lee Seung-gi. I will not avoid taking the responsible actions and will take the full responsibility by disposing my personal assets."

Lee Seung-gi, who debuted with "The Dream of a Moth" in 2004, released many hit songs after, becoming a singer loved by the public.

Lee Seung-gi established his own agency in May last year and declared his independence from Hook, but soon later, renewed exclusive contract with Hook.

(This article is translated from Korean to English by Jiwon Woo.)

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[ⓒ K-VIBE. 무단전재-재배포 금지]