Star Empire Entertainment Forced To Sell Company Building To Pay Creditors

Financial woes mean that one Korean company is on the brink of losing their building.

The building belonging to Star Empire Entertainment will go up for auction, according to real estate auction company GGI Auction. The agency represents Z:EA, Nine Muses, and V.O.S, and is forced to put the building up for forced sale by auction after Star Empire lost a lawsuit against creditor TRI Entertainment.

The building's estimated worth is around $3.2 million USD, and will go on sale via auction an auction held by the Seoul Western District Court on September 8.

Star Empire Entertainment owes creditor TRI Entertainment around $1 million USD, and also must repay the estimated $1.7 million USD mortgage to the bank.

Star Empire was founded in 2000 and saw early success from girl group Jewelry and vocal group V.O.S. The company's latest success has come from members of ZE:A - particularly Kwanghee, Siwan, and Hyungshik - who have made names for themselves as actors and variety show stars.

GGI Auction explained that the sale of the building will likely continue as planned, due to the sale of Star Empire's building being court ordered due to outstanding debts.

The news of financial issues at Star Empire Entertainment comes at a time when the agency appears vulnerable, despite success from several of its signed acts.

The day before the news of the building auction, ZE:A's Ha Minwoo announced that he would enlist, signaling uncertainty regarding the group's future. Prior to that, the leader of ZE:A publicly took the company to task for unfair policies towards their singers and was able to rewrite ZE:A's contract terms.

Star Empire Entertainment is currently housed in a four story building in Hapjeong, Seoul.

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Tags
ZE:A
star
empire
nine
muses
V.O.S.
Jewelry
building

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