CoKo Entertainment is currently in the middle of a scandal after co-CEO Kim Woo Jung had allegedly embezzling funds from the agency and has disappeared. To top it off, it seems that contracted entertainers and the agency is experiencing discord.
According to a source from the entertainment industry, “Director A” has taken over Kim Woo Jung’s role alongside Blue Run Ventures (BVR) in regards to liquidating the company. Kim Woo Jung had previously held 30% of the company’s shares, making him the largest share holder, with BVR with 25%, and CCO Kim Jun Ho holding 15% as the 3rd largest share holder. The remaining 30% is held by private investors.
However, the liquidation talks have brewed a dispute among the agency’s staff and artists with regards to Kim Jun Ho. CoKo Entertainment has expressed their discontent in the way CCO Kim has run the company, claiming he had offered one-sided contracts to artists with a profit distribution rate of 8.5: 1.5, which has further accelerated the company’s deterioration.
An unnamed personnel, who is well aware of what goes on in the industry, said “CCO Kim took 100% of his earnings but exercised the rights of a CCO on top of which he took $6000 a month as payment as well as covering his personal expenses with the company money.”
From the 40 comedians currently under CoKo Entertainment, popular “Comedian A” has yet to be paid 180 million won ($163,837 USD), while “Comedian B” has yet to paid 150 million won ($136,327 USD). It has even been reported that 10 of CoKo Entertainment’s comedians are currently getting love calls from other entertainment companies, including “Comedian A” and “Comedian B.”
An industry personnel stated, “The inner conflict in the company is turning severe. It is unlikely that CCO Kim will be able to take care of all of the comedians who followed Kim Jun Ho as their leader. He is currently sorting out around 15 comedians and plans to stick with them. He previously gathered all the comedians together and told all of them to find a way to survive.”
Asia Today contacted CCO Kim in order to corroborate this fact but was not able to reach him.
A CoKo Entertainment personnel stated, “We are organizing things within to announce only the truth. Soon we will be able to make an official statement.”
Source: Asia Today