KUALA LUMPUR: Pharmaniaga Bhd announced that Bursa Malaysia has approved the group’s regularisation plan (RP), marking a significant milestone in Pharmaniaga’s journey towards financial recovery and long-term business sustainability.
SEOUL : Chart-topping group NewJeans shocked the K-pop world with their announcement that they are quitting their label ADOR over what they described as"mistreatment".
The group has topped global charts, including the Billboard 200, and broke the Guinness World Record last year for"Fastest K-pop act to reach 1 billion streams on Spotify". After being dismissed as CEO in August, Min resigned last week from ADOR's board of directors citing a"hellish dispute with HYBE" and vowed legal action against the company.In the throes of the crisis, one of the group's members Hanni gave a tearful testimony to South Korean lawmakers overseeing workplace conditions and safety, saying they had been subject to workplace bullying.
In 2009, the iconic boy band TVXQ shocked the industry with legal action against their label over their 13-year contract which they likened to a"slave contract" due to excessive working hours and unfair profit distribution. "While it may not significantly impact the entire K-pop industry, I believe it could lead to some changes in the way K-pop operations are managed."The legal battles will continue, and"the process is expected to take a long time," said lawyer Kim Tae-yeon.
"If the court finds that the company is at fault, as NewJeans claims, and that NewJeans did nothing wrong, they could defend themselves against any penalties," said Kim.The market has however already priced the incident in, and penalties will"result in an insignificant amount of financial loss for HYBE," Lim Soo-jin, an analyst at Daishin Securities told AFP.For now, NewJeans is no more. Or at least, the name may have to go because the label has exclusive rights over it.
Shock Breakaway Label New Plans
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