[theqoo] SM ENTERTAINMENT SEIZES ASSETS OF EXO CBX IN MASSIVE SEIZURE

SM Entertainment has recently been confirmed to have seized the assets of EXO members Chen, Baekhyun, and Xiumin (CBX). The move aims to secure bonds equivalent to 10% of their individual activity revenues. Previously, CBX notified SM of their termination of exclusive contracts in 2023, citing issues such as unfair contract terms. The following year, they agreed to continue activities under a separate company on the condition that 10% of their individual activity revenues would be paid to SM. However, the conflict escalated into a legal dispute after CBX refused to pay royalties, alleging SM's breach of the agreement.

According to Biz Hankook's investigation, SM Entertainment seized assets belonging to EXO members Chen, Baekhyun, and Xiumin (CBX) over two days on the 9th and 10th. The seized assets include Chen's residential lease bond, Baekhyun's apartment in Acheon-dong, Guri-si, Gyeonggi Province, and Xiumin's apartment in Hannam-dong, Yongsan-gu, Seoul. Baekhyun's Acheon-dong apartment is 142㎡ (approximately 498 sq ft) and was registered under his name in October 2023. Xiumin's Hannam-dong apartment is 166㎡ (approximately 547 sq ft) and completed the ownership transfer registration just last month on the 9th.

The total amount SM Entertainment is claiming from Chen, Baekhyun, and Xiumin in this provisional seizure is 2.6 billion won (300 million won, 1.6 billion won, and 700 million won respectively). This aims to preserve claims equivalent to 10% of the revenue generated from individual activities, as stipulated in the agreement reached between the two parties in June 2023. A provisional seizure is a measure to freeze the assets of the party from whom money is owed, preventing them from disposing of those assets to avoid payment. It is typically used when there is a risk that the debtor might conceal or transfer assets.

original post: here

1. ㅋㅋㅋㅋㅋㅋㅋㅋㅋㅋ

2. Wow but they are earning money just fine

3. SM is so kind, they are only doing this nowㅋㅋㅋㅋ

4. Didn't Xiumin buy that place in Hannam-dong from Cha Gawon?? ㅋㅋㅋㅋㅋㅋㅋ

5. Wow, crazy

6. Baekhyun's albums sold well too, so if he'd just stayed in the group, he probably could've made a lot of money through solo activities too. I really don't understand what greed made him leave

7. Do you do a lot of activities? What do you do to make that much money???

8. Good

9. Give them the money you owe SM

10. Daebak

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