Lee Seung Gi Law passed: Entertainment companies ordered to provide revenue details to artists to avoid scams

A brand fresh bill dubbed the Lee Seung Gi Law has passed in South Korea that mandates entertainment companies to give an rationalization for income settlement to their artists. Since this modification has been created along with the titular actor’s long dispute along with his former company, the bill earned the moniker. The actor accused his former company of now now not paying the income settlement for his music-associated activities in his 18-one year-long occupation.

On September 5, Korean media outlet Superstar Information reported that the National Assembly’s Committee on Tradition, Sports activities, and Tourism held a plenary session and passed a revised modification to the Standard Tradition and Arts Industry Pattern Act. It modified into then transferred to the Regulations and Judiciary Committee.

In accordance with this revised bill dubbed as Lee Seung Gi regulation, all entertainment companies in South Korea must present the income settlement particulars to their artists even supposing the earn together doesn’t question it.

The bill modified into passed by the Tradition Committee in the twenty first National Assembly but modified into pushed apart when the legislative time length ended earlier than it might possibly possibly possibly possibly scuttle the Judiciary Committee. Essentially the most up-to-date bill permits the frequency of income disclosure to be situation by presidential decree, while the distinctive modification talked about in the twenty first Assembly situation this frequency to at the least once a one year.

Since the bill is dubbed the Lee Seung Gi regulation, it is miles main to have confidence a more in-depth see into his dispute with Hook Leisure. The two events had been in battle over settlement payments since 2022.

In November 2022, the actor claimed that all thru his 18-one year-long occupation since debut, he has now now not got income for his music-associated activities. He submitted proof of yelp material disturbing the settlement quantity for the unpaid income. Subsequently, in December, Hook Leisure despatched him an unpaid settlement and delayed hobby of 5.4 billion KRW.

Lee Seung Gi refrained from accepting it and proceeded with the lawsuit which modified into originally filed by the company against him for confirmation of non-existence of debt. Hook Leisure later modified its claim from confirming no debt to seeking money encourage of 900 million KRW citing the firm had overpaid the actor for commercial process settlement. On the assorted hand, Lee Seung Gi claimed that the company easy owed him 3 billion received in commercial income.