SM Reportedly Files For Provisional Seizure Of EXO-CBX Assets Worth Over $1.8 Million

SM Entertainment’s conflict with EXO’s ChenBaekXi (Chen, Baekhyun, Xiumin) is becoming prolonged. A provisional seizure has reportedly been carried out on assets worth a total of approximately 2.6 billion won [$1,795,432].

According to the music industry on the 11^th of February, SM Entertainment placed provisional seizures on Chen’s housing lease deposit claim (300 million won), Baekhyun’s apartment in Guri, Gyeonggi Province (1.6 billion won), and Xiumin’s apartment in Yongsan District, Seoul (700 million won). This is interpreted as a measure to preserve claims equivalent to 10% of individual activity revenue, in accordance with the agreement clause signed between SM Entertainment and EXO-CBX in June 2023.

The conflict between both sides has continued for years and is becoming long-term. EXO-CBX sought contract termination, citing settlements without objective evidence and unfair long-term contracts with SM Entertainment, while SM Entertainment previously raised suspicions of tampering involving Big Planet Made Entertainment, the parent company of INB100, the members’ subsequent agency.

On June 18, 2023, the conflict appeared to be settled temporarily as it was agreed that 10% of EXO-CBX’s individual activity revenue would be paid. However, in June 2024, EXO-CBX claimed that SM had failed to fulfill the agreement, and SM subsequently filed a lawsuit demanding fulfillment of the members’ exclusive contracts, leading to an ongoing legal dispute.

Last year, tensions escalated again when EXO-CBX members were unable to participate in EXO’s group activities.

Source: (A)