QuoteDisplay MoreFrom onwards ~
Got a not so nice update on IOK's current situation and its not looking good for the members.
Naver is reporting on Dispatches report on IOK. In summary:
- Contract is for 5 years
- IOK’s chairman Kim Taesung was sentenced last month for 2.6 years in prison for bribery and 1 year for violation of the political funds act. (He was apparently sending money to North Korea and it’s in relation of politician Lee Hwa-young : former Gyeonggi Province Peace Vice Governor)
- Their music division is lead by singer “ The One” as executive director who is in trouble with his ex over missing child support
- IOK has been losing money for 8 years now - “Looking at the performance of the past 3 years, it was -3 billion won (2020), -8.3 billion won (21), and -10.8 billion won (22). In 2023, it also had a deficit of 7.7 billion won.”
“IOK is covering its deficit with convertible bonds. Since 2007, it has issued 20 convertible bonds, 20 convertible bonds with warrants, 13 paid-in capital increases, and 1 bonus capital increase.”
Well, damn. These girls cannot catch a break.
