Fantagio shared an update on a legal dispute over management rights between the company and its major shareholder.
As the company listed on KOSDAQ, involved in a legal battle with Fantiago (CEO Park Hae Sun) with its largest shareholder and L&A Holdings surrounding the rights to take control of the company. Fantiago's board of directors and L&A Holdings (CEO Park Sun Hoo) reached an amicable agreement ending the legal dispute as revealed on September 9.
Fantagio said that their current board of directors and L&A Holdings met at Gangnam District in Seoul last September 8. Both parties consented to withdraw from the lawsuits filed without qualification that surrounds the dispute over the management's right.
They added, both parties also agreed to work together for the future management and moved on from any hurts the dispute caused. When L&A became Fantiago's largest shareholder, the conflict began in April this year. Fantiago's major shareholder in 2017 was Gold Finance Korea, the Korean branch of the JC group, a Chinese real estate and an investment company.
The legal dispute escalated following the misunderstanding between Fantiago's management and the new shareholder. However, without strings attached, their recent meeting agreed on joint-supervision.
Fantagio further shared that both parties agreed to invest their power and capital under the name of global Hallyu (Korean Wave) with Fantiago's capacities and abilities as a company, including some idol groups ASTRO, Weki Meki, and many more actors.
Moreover, they continued that together with the power of a variety show who used to work with one of the significant broadcasting stations and head of the culture department of a daily newspaper, they planned to create stars that will lead the Korean Wave. Their major shareholder, L&A Holdings, decided to focus on discovering new business fields and securing necessary funds to run the company.
Park Hae Sun, Fantiago's CEO, is the former head of the variety department at KBS. On the other hand, Vice President Oh Gwang Soo worked previously as a pop culture journalist of the newspapers Sports Kyunghyang and Kyunghyang Shinmun.