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SM Seizes Assets of Chen, Baekhyun, and Xiumin, Valued at Tens of Billions

SM Seizes Assets of Chen, Baekhyun, and Xiumin, Valued at Tens of Billions

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SM Seizes Assets of Chen, Baekhyun, and Xiumin, Valued at Tens of Billions

The legal conflict between SM Entertainment and the EXO-CBX unit (Chen, Baekhyun, and Xiumin) is heating up again. Recently, the giant K-Pop agency has been reported to have seized the assets of the three EXO members as a step to secure payment claims that are still being disputed.

According to a report from Korean media Biz Korea, the asset seizure took place on February 9-10. The total value claimed by SM Entertainment amounts to approximately 2.60 billion Korean won, equivalent to around IDR 31.2 billion. This figure is claimed to be 10 percent of the income from individual activities previously agreed upon in an agreement between SM and CBX in June 2023.

Read more news at Liputan6.com!

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The seized assets include properties owned by each member. Chen was reported to have a house deposit bond that was also seized, while Baekhyun and Xiumin each have private apartments.

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If divided per individual, the claim value of SM Entertainment against each member is: Chen: around 300 million won = Rp3.6 billion Baekhyun: around 1.60 billion won = Rp19.2 billion Xiumin: around 700 million won = Rp8.4 billion Baekhyun's apartment has been registered since October 2023, while Xiumin's apartment was just registered last month.

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The dispute between CBX and SM Entertainment began in June 2023, when the three members announced plans to terminate their exclusive contracts due to alleged unfair contracts and profit-sharing issues.

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Both parties eventually reached an agreement that CBX would pay 10 percent of the revenue from individual activities to SM. However, in June 2024, CBX claimed that SM did not fulfill the agreement, leading to renewed tensions and resulting in a legal dispute.

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CBX also reported SM executives for alleged fraud related to the promised 5.5 percent music distribution commission. However, the case was closed due to lack of evidence. A report to the Korea Fair Trade Commission regarding music distribution fees also ended without charges.

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As a result of the unresolved conflict, Chen, Baekhyun, and Xiumin were reportedly not involved in EXO's full activities. Last October, CBX expressed a strong desire to rejoin group activities, even accepting all proposed terms. However, SM emphasized that the resolution of the legal dispute and group activities are two separate matters.

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Until now, the conflict between SM Entertainment and CBX is still ongoing, and the seizure of assets has become one of the latest chapters in the long-standing feud that attracts the attention of K-Pop fans worldwide.