Fiscal reports reveal Hook Entertainment borrowed money from LeeSeungGi without any interest
According to an exclusive media report on November 24th, fiscal reports of the company revealed Hook Entertainment borrowed 4.7 billion KRW from Lee Seung Gi with no interest for the purpose of management and operation costs in 2013. The entertainment company repaid the borrowed money in a lump sum after 7 years in 2020. But it is extremely unusual for an entertainment label to borrow cash from its artist.
"It's possible that the label used the celebrity's name to fund the money or the celebrity could have lent to the label on special terms.""There are tax benefits when you buy real estate through a corporation but there needs to be further investigation on cash flows and tax filings." for withholding Lee Seung Gi's music earnings from his entire career as a singer.
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