SM Entertainment’s refutation, “They made 11b KRW after debut”
SM Entertainment, with which Dong Bang Shin Ki member Hero JaeJoong, Micky YooChun and Xiah JunSu has have a dispute with, came out to reveal their official stand.
SM Entertainment said on 3rd August, “Dong Bang Shin Ki has earn 11billion KRW from after their debut till 2009 July (dividend payout 9.2 billion KRW + beforehand provision 1.77 billion KRW). Also they also received many high-end foreign products in the process even though SM Entertainment was suffering from a business deficit in the 4 years after the group’s debut. And even though there is a distributive ratio, they would have raised it with proftis from their endorsement in CFs, doing events and also photoshoots.”
And about how the 3 members have said that they were given unjust treatment, SM Entertainment said, “About their health and schedule, we have discussed them before they were put through it.”
And about the cosmetic enterprise, SM said, “Looking at this case, this holds substantial reasons to it. It is evident since there is only 3 members involved in this case. They wanted to reduce the loss of image and harm to them as soon as possible with this plan as they will be used for the enterprise in terms of having their images used as part of marketing and also to participate in events for the enterprise.”
Also, “According to the Fair Trade commission, there is no provision saying that singers cannot be signed for beyond a period of 7 years, and there is no exceptional provision limiting the contract of singers promoting overseas. We did amendments to the exclusive rights clause for 5 times after the contract was contracted, 2 times were to address the compensation of loss, and after checking and confirmation by the Fair Trade Commission. The rest of the 3 times were to address the profits distribution ratio and for renewal – in 2004 January, then in 2007 February and 2009 February.”
SM “We will solve this case with the 3 members regarding the application for retractile in the contract and the lawsuit confrontation as soon as possible.”
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