Thursday, June 20, 2024

Kang Daniel’s agency, on the brink of closure after the complaint and the departure of all the artists

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On May 20, Korean media reported that the agency Konnect Entertainment, founded by the singer Kang Daniel, is about to close its doors. All of the agency’s employees have resigned or been fired, and artists under his command are also leaving the company.

What happened to Kang Daniel’s agency

According to the coverage of Star News from the 21st, to Yujuformer member of girl group GFriend, had her exclusive contract with Konnect Entertainment in the middle of last month. Yuju decided not to renew his contract with the agency, and became a “free agent” in the entertainment industry.

Kang Daniel closes agency
The agency founded by Kang Daniel, about to close after the complaints made by him against the majority partner

The dance team We’Dam Boys also confirmed its intention to terminate its exclusive contract with Konnect Entertainment at the end of November last year, and began liquidation procedures. It is also said that the singer and producer Chancellor left the agency.

The outlet revealed that the agency’s office in Sinsa-dong, Gangnam-gu, in Seoul, was cleaned out earlier this year.

Kang Daniel founded Konnect Entertainment in 2019. Over the past five years, he has served as CEO and artist under the label, releasing several albums including ‘Color on Me’, ‘MAGENTA’ and ‘YELLOW’. In June last year, he released his fourth mini album ‘REALIEZ.

Meanwhile, Mr. A, the major shareholder against whom Kang Daniel filed a criminal complaint, is the majority shareholder of Connect and the beneficial owner, holding about 70% of the shares.

Kang Daniel denounces his agency
Kang Daniel denounces his agency

The remaining shareholders of Konnect Entertainment have also decided to part ways with all affiliated artists amid legal disputes involving Kang Daniel. Also Kang Daniel is expected to step down from his position as CEO of Konnect Entertainment as his exclusive contract with Konnect Entertainment is set to expire in early June..

Who did Kang Daniel denounce?

The singer Kang Daniel filed a criminal complaint against the main shareholder of his agency, Konnect Entertainment, for forgery, embezzlement, violation of the information network and fraud, among other accusations.

Kang Daniel He filed a complaint with the Seoul Metropolitan Police against Konnect’s majority shareholder on May 20, his lawyer revealed. Woori Law Firm.

Charges include falsification of private documents worth 10 billion KRW, embezzlement and breach of trust under the Law on Aggravated Punishment of Specific Economic Crimes worth 2 billion KRW, violation of the Law on Information and Communication Networks, and fraud under the Penal lawalso worth more than 2 billion KRW.

The singer-songwritera 27-year-old South Korean dancer, presenter, model and businessman, claims that the main shareholder used his position to embezzle company funds and forge a corporate seal to sign a music distribution contract worth 10 billion KRW using Kang Daniel’s name and corporate seal without KD’s knowledge.

More than 2B were withdrawn from the company’s account without any proper procedures such as CEO approval, board resolutions or shareholder meeting resolutions.

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