The financial woes of Kim Soo Hyun‘s agency, Gold Medalist, are becoming more apparent.
Industry observers suggest that Kim Soo Hyun’s press conference on March 31st may be tied to the agency’s financial struggles, with industry insiders speculating that he spoke out in a last effort to prevent Gold Medalist from closing down.
An M&A expert familiar with Gold Medalist’s internal affairs stated, “The company used to always have a surplus of 2 to 3 billion KRW ($13.6 to $20.3 million) in its accounts, but the situation is different now.” He explained, “All of Kim Soo Hyun’s ads have been taken down, yet few companies have reportedly demanded penalty fees over the issue. However, factors such as the partial refund of pre-calculated model fees, the cancellation of scheduled events and fixed costs appear to have drained the company’s balance.”
While unconfirmed, rumors suggest that Gold Medalist is actively seeking outside investment. A financial industry insider said, “Before the press conference, the company needed to secure about 6 billion KRW ($4.1 million) in damages. I’ve also heard they temporarily suspended service contracts with external cleaning companies. If true, layoffs could be next.”
Industry insiders believe that while Kim Soo Hyun wanted to refute claims from Kim Sae Ron’s family and Garosero Research Institute, his bigger priority was saving the company. At the press conference, he repeatedly stated, “I can’t admit to something I didn’t do. I can’t just stand by and watch my family and company staff suffer because of me,” before breaking down in tears.
His decision to file a 12-billion-KRW ($8.1 million) lawsuit against Kim Sae Ron’s family, her alleged “aunt” and Garosero Research Institute’s operator suggests he’s out of other options. Moving forward, the key issue in court will be proving that these parties are directly responsible for Gold Medalist’s and Kim Soo Hyun’s financial losses.
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