Banana Culture to close up shop following EXID's disbandment

Article: [Exclusive] EXID's agency Banana Culture to reorganize its enterprise business

Source: Hankyung

EXID's former agency Banana Culture to close its business following the group's disbandment.

An insider aware of the internal situation revealed on the 25th, "Banana Culture is wrapping up all of its contracts with its artists. All the major executives and employees have left the company. The actors' contracts have already been settled since Lee Junghyun and Ha Seungri's."

Another official hinted, "there's no real employee available for work."

Banana Culture is a subsidiary of the parent company Yedang Entertainment founded by Sinsa-dong in 2014 (previously AB Entertainment). Banana Culture was acquired by Yedang in 2014 and became independent in 2015. Since then, Banana Project founded by Wang Tsu-Chong, son of China's Wang Jianlin, chairman of Wanda Group changed its mission to Banana Culture in 2016 due to its investment in Yedang Entertainment.

Wang Tsu Chong, head of the Banana Project faced a financial crisis October last year due to a ruling by the Beijing Municipal Court and fined 155 million yuan. The company's assets were recently seized by the Court and use of company vehicles and bank accounts restricted because of the agency's failure to repay over 150 million yuan of debts.

In the meantime, EXID's LE also recently terminated her contract with Banana Culture making her the last member following Hani, Junghwa, Hyelin, and Solji to finalize her contract with the agency.