EXO's Baekhyun addresses rumours of leaving group, dispute with SM Entertainment, taking loan of 13 billion won

EXO’s Baekhyun has opened up about his dispute with SM Entertainment over his contract and how it was resolved. Taking to Instagram on Monday, Baekhyun held a live session and also addressed several rumours. As reported by Soompi, Baekhyun talked about his new company One Signature, taking a loan of 13 billion won, not releasing solo album. He also apologised to his fans. (Also Read | EXO’s Baekhyun, Xiumin, And Chen refute SM Entertainment's claims of ‘third party’ influence)

Baekhyun on fight with SM Entertainment

Talking about his resolved dispute with SM Entertainment over his contract, Baekhyun said as quoted by Soompi, “Honestly, I was always curious about settlement and contract-related matters for a long time. In the midst of that, we were faced with various situations due to Lee Soo Man’s absence, and I think that made me more curious. I got the thought that I wanted to personally check myself because during the two years, I was serving in the military, I worked hard on vocal lessons, gave a lot of opinions after my military service ended on how we can release an album for our fans who waited two years, and I took personal time to myself, so what happened then was like a bolt from the blue.”

Baekhyun confirms starting his own company

Baekhyun also talked about One Signature, “It’s a company I started with my friend Kasper at the thought of wanted to grow many good choreographers and dancers. It has yet to be made concrete, but I am researching a lot and trying different things to make good results with good purpose. The company will come out with a different name that is not One Signature.”

Baekhyun on loan, moving to Hannam

He also clarified rumours of taking a loan of 13 billion won (approximately $9.9 million) and shifting to a villa in the neighbourhood of Hannam owned by Chairman C. “I took out a loan as a means of not being careless while running my own company, to not be satisfied and work harder even if I achieve satisfactory results, and to always live with a burden. I haven’t received this house. I am paying all the loans. I am not in an inappropriate relationship with Chairman ‘C',” he added.

Baekhyun on solo album

Talking about not releasing a new solo album, Baekhyun further said, “The reason why I’m not releasing an album is not because I’ve lost my initial mindset but because I think that this is a very important period in my life.” He added that he wanted to prepare more thoroughly before releasing a new album.

Baekhyun on being part of EXO

Baekhyun also apologised to his fans, “I’m sorry for making fans go through a difficult time.” He further said that he can no longer be lenient against those who spread rumours and that SM Entertainment is positively supporting his new venture. Baekhyun concluded, “I think of that company as a company I made together with fans. I hope that my sincerity was conveyed at least slightly.” According to a fan account on Twitter @ot9__fever, Baekhyun also said, "I'll stay in this company, in EXO, with EXO members forever but this company needs to improve some things."

All about EXO

EXO is a South Korean-Chinese boy group based in Seoul formed by SM Entertainment in 2011. They debuted in 2012. The group consists of nine members: Xiumin, Suho, Lay, Baekhyun, Chen, Chanyeol, D.O., Kai and Sehun.