EXO's CBX has been seized by SM with assets such as apartments..2.6 billion won

*This content was translated by AI.View Original

SM Entertainment has seized the private assets of Chen, Baekhyun and Xiumin, members of the group EXO.

According to Biz Korea on the 11th, SM Entertainment (hereinafter referred to as SM) seized the assets of Chen, Baekhyun, and Xiumin (hereinafter referred to as Chenbaek City). The seized assets include Chen's housing deposit bond, Baekhyun's apartment in Acheon-dong, Guri-si, Gyeonggi-do, and Xiumin's apartment in Hannam-dong, Yongsan-gu, Seoul.

It is known that the amount charged by SM in this provisional seizure amounts to a total of 2.6 billion won. The move is aimed at preserving bonds equivalent to 10% of individual activity sales under the agreement reached earlier by the two sides in June 2023.

The conflict between SM and Chenbaek City began in June 2023 when Chenbaek City notified them of the termination of the exclusive contract. Chenbaek City took issue with the reason that the settlement data was not properly provided and the contract period was unfairly long.

However, SM raised suspicions about the tempering (pre-contact) of Big Planet Made Entertainment, the parent company of their new agency INB100, saying it provided sufficient settlement data. Since then, the two sides have agreed dramatically to pay 10% of sales of individual activities to SM, while EXO group activities will be conducted by SM and individual activities will be conducted by separate agencies.

However, the conflict reignited in June 2024 when the city of Chenbaek insisted on SM's non-fulfillment of the agreement. This is because SM did not keep its agreement to guarantee INB100 a 5.5% record and music distribution fee. In response, the city of Chenbaek sued SM executives for fraud, but the case was not prosecuted for lack of evidence.

In the same month, SM filed a lawsuit against three members of Chenbaek City for the fulfillment of its exclusive contract, continuing the dispute.

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*This content was translated by AI.View Original