TVXQ’s fanclub had exposed SM Entertainment's inhuman contract with TVXQ through advertisements on the newspaper. Regarding this, Mr. Park Chan Chong (former governor) stated that he “fully supports and agrees” with them.

Mr. Park expressed, “Our government has the responsibility to arrest those who make mistakes. This should be settled through the rule of law, to prove a democratic society.”

Last 4th of August, Mr. Park had commented on the lawsuit issue between TVXQ and SM Entertainment, “On the basics of slave contracts, it had violated ‘Defraud’ (Article 348 of the Constitution) and ‘Inappropriate income’ (Article 349 of the Constitution)."

"TVXQ’s fanclub focused on the ‘slave contract’ in the lawsuit, to submit the petition to the Seoul Central Court.

On top of that, they also raised funds and collected signatures. To date, over 190k of signatures have been collected, of which 70k came from the online petition and 120k from the offline petition."

Civil servants and governors stated that the government should supervise this incident. Last year, they had stopped all the awful and offensive comments by the “Choi Jin-sil Law.” Now, it's time to stop these inhuman acts from agency companies by the “TVXQ Law.”

At the moment, TVXQ cannot have events in Korea, but they are going to hold a concert in China, which upset the fans, especially with the cancellation of the concert that was scheduled on the 9th of August with unacceptable reason. Fans had submitted a request of compensation to the Korean Consumer Agency, for SM Entertainment to compensate 10% of the cost of sold tickets.

However, it’s the first time that concert was cancelled due to a lawsuit issue, therefore, the Korea Consumer Agency has to make a decision with caution.

Mr. Park expressed that “Request for compensation is possible” and this, by any chance, might result in (SM Entertainment who violates the law) into difficulties. Lastly, he said, “I hope that TVXQ can hold their concerts in Korea in the near future, and meet their fans.”

T/N: Mr. Park Chan Chong is a lawyer and former governor of South Korea.

Source: polinews.co.kr + XIAHTIC
Translation: sshutingg @ OneTVXQ.com
Credits: OneTVXQ.com { One World. One Red Ocean. One TVXQ! }
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SM stocks continue to fall for 4th straight day due to DBSK issue

TVXQ brought in US8.2 million in earnings for SM last year
The share price of S.M. Entertainment, one of Korea’s most well-known talent agencies, dove for four straight days after members of its flagship boy band TVXQ filed a lawsuit against the company for what they called an unfair contract.

Three members of the five-member pop group, which helped bring the agency overseas sales of more than 10 billion won ($8.2 million) last year, claimed they were forced to sign a contract lasting for more than 10 years with little room for pay negotiation...


The firm’s stock, listed on the junior Kosdaq market with a total market value of 58.3 billion won, shed 3.07 percent to close at 3,625 won yesterday, the fourth straight day of declines and down nearly 20 percent since July 31, when news of the lawsuit broke.

The complainants, Micky, Xiah and Hero, formally filed suit against S.M. Entertainment on Friday to annul their contract. Two other members, Max and U-Know, declined to join in. The former three had already expressed frustration with what they called an unfairly long contract that calls for an overwhelming work schedule and unclear terms on how profits would be shared. The company said in a statement Saturday it would “deal with the issue” in a timely manner.

“About 27.5 percent of the sales of S.M. Entertainment come from overseas, and TVXQ earns a large portion of it,” said Kim Chang-kwon, analyst at Daewoo Securities. TVXQ is one of the firm’s five most popular franchises along with BoA, Girls’ Generation, Super Junior and Shinee. “A problem in one of the five franchises will inevitably hurt the firm’s share price.”

TVXQ debuted in 2004 and has since become popular across Asia.


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