For background info, in June of 2012, Park Hyo Shin was ordered to pay 1.5 billion KRW (~1.4 million USD) to his former agency for violating his exclusive contract. However, the singer failed to pay back the former agency, and evaded seizure of his assets by concealing the money he had. When he received his down payment from signing with his current agency (Jellyfish Entertainment), he had the money deposited into a bank account listed under Jellyfish rather than his own, thereby pocketing the money that would have gone back to paying back his former agency. For this, his former agency sued him again in December of 2013. 

At the hearing for the evasion, Park Hyo Shin's side admitted to the accusations, but also insisted that the singer was not trying to evade his debt, but rather that he just wasn't in the position to pay back his former agency yet. They also pointed out that he had been trying to repay some of his debt with the help of his current agency.

SEE ALSO: Park Hyo Shin releases official MV ‘HERO’ (From the Film 'Firefighters')

Park Hyo Shin apologized by saying, "As a public figure, I should have been more cautious. I am sorry for worrying many people. I wasn't intending on causing damage to others."

Meanwhile, the final trial between Park Hyo Shin and his former agency, in regards to the issue of the actual debt, will be held on June 30.