After several months of silence, troubled South Korean star Kim Soo-Hyun is back in the news. His agency Gold Medalist has come under renewed scrutiny over its financial practices. This comes as Soo-Hyun continues to keep a low profile following his alleged dating controversy with late actress Kim Sae-Ron, which left a huge dent on his public and professional image, earlier this year.On September 19, a media outlet questioned Barun No.2 Investment Association, the fund which oversees Gold Medalist. According to a report, the fund seemed vague and that it functioned from a modest building which was registered as its headquarters, alleging doubts about managing a KOSDAQ-listed company and Soo-Hyun, both from that place that bore no signage.ALSO
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Gold Medalist rejects financial practices allegations
Gold Medalist issued an official statement denying all claims about its accounting practices, settlement payments, and business structure. It said, "The association was legally registered at the stated address at the time of business registration. Given the nature of investment associations, it is practically uncommon for them to operate from physical office spaces, and this remains the case."There were further questionable claims that the settlement fees paid to its artists totaled only around 270 million KRW (approx $197,000), despite Gold Medalist recording sales exceeding 20 billion KRW (approx $14.6 million) in 2024 post the huge success of Soo-Hyun's K-drama
Queen of Tears. This was compared with other entertainment agencies where artist settlements were publicly disclosed in their audit reports.
Agency's reaction on settlement fees paid to artists
Reacting to this point, Gold Medalist further stated in the statement, "Listed companies follow International Financial Reporting Standards (K-IFRS), while unlisted companies like ours adhere to Korean Generally Accepted Accounting Principles (K-GAAP). Therefore, comparing our accounting practices with those of listed companies is misleading. Under K-GAAP, our artist distribution fees are included in the cost of sales, which means there is no accounting issue.""We have maintained a legal advisory contract with law firm LKB & Partners for several years and conduct thorough legal reviews across all areas of management. There are no unlawful practices in our operations," it added.
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About Gold Medalist
Kim Soo-Hyun joined Gold Medalist in 2019 after his military discharge. While Bareun No.2 Investment Association remains its official owner, reports claim it is run by Soo-Hyun's elder brother Lee Sarang, and the actor partially owns shares. It currently manages actors Seol In-Ah, Choi Hyun-Wook, and Kim Su-Gyeom.
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