Fantagio Denies Conducting Business Illegally, In The Process Of…

Fantagio Denies Conducting Business Illegally, In The Process Of Electing New Officials

Fantagio says it is not conducting business illegally.

Recently, Fantagio’s executive, Woo Seung Young, was dismissed by JC Group. As Woo Seung Young was the only one in the agency licensed to operate the business, Fanatgio was issued a warning regarding illegal operations.

Artists under Fantagio have also been affected by the changes. However, Fantagio notes that the artists under the agency are still valid under the contract.

On the 15th, Fantagio and Fantagio Music held a press conference, saying:

We are in the process of appointing qualified individuals in accordance to the Pop Culture Art Business law… We are doing our best to select those with professionalism and highest moral standards, and we have experienced delays due to holding board meetings and we have not yet been able to register the employee changeover… We have cooperated with the jurisdiction administration branches and related organizations. Recently, we consulted a lawyer who specializes in these matters, who said we cannot he seen as conducting business illegally because we have acted in accordance with licensing under Pop Culture Art Business law; the resignation of the CEO merely delayed the registration of changes… Fantagio will continue to cooperate with the jurisdiction administration branches, related organizations, and Korean Entertainment Management Association in order to solve this problem quickly… Our current artists are still valid under Fantagio’s exclusive contract. We are going to cooperate with our artists to work out any problems, and we will work towards mediation with Entertainment Management association.” 

The Entertainment Management Association issued a warning to Fantagio on May 14. This is the fourth warning since the first warning that was issued on April 26 saying that it will start to take drastic measures.

Source