Jessica Jung, a former member of the popular girl group So Nyeo Shi Dae (SNSD) — better known as Girls’ Generation — has grown professionally since her K-pop idol days. Today, she is known for a solo music career and running her own luxury fashion brand, Blanc & Eclare.
With so much on her plate, it would help Jessica Jung if she had other management agencies outside of her own, Coridel Entertainment. Unfortunately, there seems to be a bit of a financial snafu with two Chinese agencies who manage her activities in China. According to the court, Jessica has to pay them $1.6 million in penalties.
Jessica Jung violates her contracts
Back in 2017, Jessica Jung violated the exclusive authority of two Chinese management agencies when her entertainment agency, Coridel Entertainment (through Coridel Capital Management Limited), signed contracts granting it to them. In short, Jessica did other professional activities in China unknown to the two Chinese management agencies at the time.
As a result of the violation, the Chinese management agencies want Jessica Jung to pay a penalty of two billion KRW, which is approximately $1.6 million USD. The sum includes money invested by the companies into the exclusive authorization contract, the penalty for contract breach, attorney fees, and undivided profits earned.
Back on November 27, 2017, the Beijing Arbitration Commission ruled in favor of the Chinese management agencies.
The courts’ decision doesn’t favor Jessica Jung
The case between Jessica Jung and the two Chinese management agencies was first taken to the Beijing Arbitration Commission back in late 2017. Eventually, the court would rule in favor of the Chinese management agencies in which Jessica would have to pay the two billion KRW or $1.6 million USD.
Earlier this year, Jessica Jung appealed the initial decision set to the Seoul Central District Court. Unfortunately for her, they also agreed with the Beijing Arbitration Commission and ruled in favor of the Chinese management agencies. Jump forward to July 23, 2019, Jessica Jung requested an appeal to the Supreme Court but it was dismissed on July 23, 2019. Since then, she submitted a second appeal and is currently waiting to see if it is approved or dismissed.
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