Gold Medalist, the agency of actor Kim Soo-hyun, responded to allegations that it paid low settlement amounts to its actors and that the investment partnership acting as a parent company has an unclear existence.
On the 19th, Gold Medalist issued an official statement saying, "We judged it necessary to correct the facts regarding today's article and are sharing the necessary information."
Earlier, a media outlet reported that the settlement amounts (payment fees) Gold Medalist paid to its affiliated entertainers were unreasonably low. According to the report, Gold Medalist's settlement payments to actors over five years from 2020 totaled only 670 million won.
The report also said that there was no signboard at the address of Barun No. 2 Investment Partnership, Gold Medalist's major shareholder, and that another medical device company, not the partnership, was occupying the location.
In response, Gold Medalist rebutted in three areas. First, regarding accounting treatment, the agency said, "Listed companies follow International Financial Reporting Standards (K-IFRS) and unlisted companies follow Korean Generally Accepted Accounting Principles (K-GAAP), so it is unreasonable to compare the accounting treatment of a listed company with that of our unlisted company," adding, "In our case, under Korean Generally Accepted Accounting Principles (K-GAAP), the portion allocated to actors is included in cost of sales, so there is no accounting issue."
Regarding the partnership's registered address, it also rebutted, "The partnership lawfully registered that address as its location when filing its business registration. Due to the nature of investment partnerships, there is virtually no work performed in a physical office, and that remains the case now."
On management, it emphasized, "For several years we have had a legal advisory contract with law firm LKB Pyeongsan and have conducted thorough legal reviews across management, and there are no illegalities in our management."
The following is the full official statement from Gold Medalist
Hello. This is Gold Medalist.
We judged it necessary to correct the facts regarding today's article and are sharing the necessary information.
1. Related to accounting treatment
Listed companies follow International Financial Reporting Standards (K-IFRS) and unlisted companies follow Korean Generally Accepted Accounting Principles (K-GAAP), so it is unreasonable to compare the accounting treatment of a listed company with that of our unlisted company. In our case, under Korean Generally Accepted Accounting Principles (K-GAAP), the portion allocated to actors is included in cost of sales, so there is no accounting issue.
2. Related to the partnership's registered address
The partnership lawfully registered that address as its location when filing its business registration. Due to the nature of investment partnerships, there is virtually no work performed in a physical office, and that remains the case now.
3. Compliance management
For several years we have had a legal advisory contract with law firm LKB Pyeongsan and have conducted thorough legal reviews across management, and there are no illegalities in our management.
[Photo] OSEN DB
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