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.
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