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Polaris Entertainment reportedly loses lawsuit concerning LOONA to Japanese IT company DONUTS

AKP STAFF
Posted by Germaine-Jay Thursday, October 17, 2019

Polaris Entertainment has reportedly lost a lawsuit concerning LOONA to Japanese IT company DONUTS.

According to reports, Polaris Entertainment and CEO Lee Jong Myun have been ordered by the Seoul Central District Court to pay DONUTS 360 million Won ($304,723.44 USD) in guarantees and damages. Polaris collaborated with DONUTS in 2017 to invest in the LOONA project, receiving 400 million Won ($338,822.48 USD), and the label has reportedly failed to repay 360 million Won.

DONUTS claimed the company invested into Polaris on the condition LOONA streams live on the app MyLive, but they did not upload the agreement or repay the investment. Polaris stated, "We've yet to repay the loan. The company plans to repay the loan. The lawsuit is pending."

Stay tuned for updates on the lawsuit, Polaris Entertainment, and LOONA.

  1. LOONA
  2. POLARIS ENTERTAINMENT
19 32,638 Share 92% Upvoted
 
whatever101
whatever10111,924 pts Thursday, October 17, 2019 6
Thursday, October 17, 2019

I swear if LOONA goes the same path of PRISTIN I’m gonna be pissed

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Titannes
Titannes577 pts Thursday, October 17, 2019 0
Thursday, October 17, 2019

sometimes i forget how much money goes into comebacks for groups over a quarter of a million dollars went into loona 😵 id be upset and going to court too if i shelled out that much money and never got any returns and the agreements were never met till now as well , o.o heck their last comeback was months ago 😨 yikes

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