EXO‘s Baekhyun responded to allegations of financial foul play and shady business dealings.
Recently, a post went viral online in which a netizen uploaded suspicious findings after looking into EXO Baekhyun’s recent move to the UN Village, an exclusive neighborhood in the prestigious Hannam district of Seoul.
In the post, a netizen uploads the registration of the idol’s new abode. According to the registration, the landlord of the residence is the CEO of the construction company who built the home, but the record showed a ₩13.0 billion KRW (about $9.94 million USD) mortgage taken out by a company called One Signature.
The netizen then uploads One Signature’s public records, which show that Baekhyun is a board executive in the company. The company, which was incorporated on May 31, listed the idol’s home as its address. The record also shows that a Cha Dae Young is also listed as an executive on the board.
Cha Dae Young is then revealed to be the father of Cha Ga Won, the CEO of the construction company that built Baekhyun’s home and is also the idol’s landlord.
Cha Ga Won also happens to be an executive at Big Planet Made. Big Planet Made is the company that SM Entertainment alleged to have tried to poach EXO-CBX members. Cha Ga Won is said to have replaced MC Mong, who would later be exposed in a recording in which he told news reporters off-record that he indeed had tried to recruit EXO members. The netizen also noted that EXO-CBX had asked for their contracts to be terminated on June 1, one day after the incorporation of One Signature.
Netizens criticized the idol en masse after the findings as the revelations seemed to point to the fact that the idol’s highly-publicized feud with SM Entertainment had been orchestrated and that any dispute with the label was premeditated. There were also some netizens who felt that Baekhyun had taken out the mortgage for his company to go public before selling all his shares during the initial public offering (IPO).
As the criticism grew, on the evening of August 7, Baekhyun hurriedly got on a livestream to address the controversy.
In the livestream, the idol claimed that there was a misunderstanding.
Seeing how the misunderstandings and misinformation were being taken as truths, I worried for my fans… I was worried that those fans, who I like so much, would be hurt. That is why I decided to livestream my story.
In the livestream, Baekhyun spoke about why he had started the legal feud with SM Entertainment.
To be honest, I have always wanted to inquire about the accounting. During that time, there were several incidents that occurred due to Lee Soo Man’s absence. That made my curiosity even stronger. But there are rules at the label, and I couldn’t just break them. I understood them, and they understood me, and therefore, we came to an amicable compromise. Through these changes, SM and I now have a good relationship and are rooting for one another.
The idol then spoke about One Signature and revealed that he had started the company with dancer Kasper to produce the next generation of dancers and choreographers.
I started One Signature with my friend Kasper to produce good choreographers and dancers. Although I haven’t decided yet, the company won’t come out as One Signature. It will have a different name.
Baekhyun also addressed why he had taken out the large loan on his home and why he was living at Cha Dae Young’s home.
I’ve read people claiming that the money I borrowed would be used for my company to go public and that I was going to make a lot of money after I dumped my shares. That’s what you guys are saying, right? But that is illegal. The reason why I borrowed the money was for the promise I made myself.
I am going to start my own company. I am going to do that while I am at SM Entertainment. That money is so I don’t become complacent and always feel burdened to do better.
And as for Cha Ga Won, she and her father came to know my parents, and we have since gotten along like family. Even now.
The idol lastly revealed that SM Entertainment is aware of his ambitions of starting his own company and that the label is fully supporting his decision.
One last thing, SM knows about my plans to start my own company and positively supports my decision. This decision wasn’t made solely on my own.
You can watch the livestream in full below.