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KSW's management agency ruled to compensate W350 mil

The management agency of top star Kwon Sang-woo, 34, has been ordered to compensate for damage it generated due to failure in publishing photo albums as contracted.

The Seoul Central District Court Friday ruled in favor of ContentsLab and ordered Kwon’s agency Goldensome to pay 350 million won* to the plaintiff.

“Kwon’s management agency failed to pay the total amount equivalent to spending on production of photo albums as it published a smaller number of copies than the contract,” the ruling panel said. “As a result, the defendant should pay the remainder of the spending.”

The panel also turned down the contention of the defendant that it will be able to publish the photo album till February 2011 when the contract term expires. “There was no evidence that it would publish an additional copies even until August, when it made its closing argument,” the panel said.

Kwon’s management agency signed a contract with Fine ATC in February, 2008, on manufacture, release and sales right of the photo album, “Remember of KSW. Under the contract, the agency agreed to pay all the profits from sales of the photo albums until the amount reaches the 1 billion won it spent on the project.

However, the agency published 10,000 copies, one quarter of the contracted volume, in the first edition and paid 650 million won earned from the sales to Fine ATC. ContentsLab, which was handed over the right on uncollected investment from Fine ATC, filed a compensation suit, calling for payment of the remaining 350 million won.

Source: The Korea Times

*W350,000,000 is about $300,290
Tags: court / legal issues, economics, kwon sang woo

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