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| ▲ EXO's Baekhyun is seen in this photo provided by SM Entertainment. (PHOTO NOT FOR SALE) (Yonhap) |
EXO's Baekhyun to set up his own company
SEOUL, Aug. 8 (Yonhap) -- Baekhyun of K-pop boy group EXO on Tuesday has revealed his plans to establish and operate his own personal company, allegedly under his agency’s support.
During a live broadcast on his Instagram, the singer said, "I have plans to run my own company, and SM (Entertainment) has positively agreed to it."
He said, "Even while operating my own company, I will still remain with SM, and continue to work together with the EXO members. It doesn't mean I am leaving SM or the group."
Recently, an online community post claimed that Baekhyun had borrowed a large sum of money worth some 13 billion won (US$9.9 million), with the intention of starting a listed company to gain unfair profits.
Baekhyun countered this claim, stating, "The argument itself about using the loan money for a listing is impossible and legally incorrect. The reason I borrowed 13 billion won was a personal promise for establishing my own company."
He added, "The loan was taken with the intention of shouldering the burden and not being negligent in running my company. It symbolizes the commitment to face responsibilities while living my life."
Regarding his recent registration as an internal director at a planning agency called "One Signature," Baekhyun clarified, "One Signature was initially started with my friend Kasper’s desire to nurture talented choreographers and dancers. However, the personal company I am establishing will have a different name, not One Signature."
During the broadcast, Baekhyun also mentioned the background of his dispute with his agency, SM Entertainment. He said, "For a long time, I was curious about the accounting and contractual aspects. Various situations arose due to Lee Soo-man Lee's absence (referring to Lee Soo-man, the founder and former chief producer of SM Entertainment), which made me more curious."
He continued, "But just as there are rules everywhere, there are rules within a company as well. At present, I understand the company, and the company also understands me. Therefore, through amicable agreements and adjustments, SM and I are supporting each other with a good relationship."
jwc@yna.co.kr
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