ID :
204733
Thu, 09/01/2011 - 13:16
Auther :
Shortlink :
https://oananews.org//node/204733
The shortlink copeid
Comedian-turned-director falls into trap of debts after film's flop
By Shim Sun-ah
SEOUL, Sept. 1 (Yonhap) -- He was once called a great master of slapstick comedy with his trademark persona, a fool named "Young-gu."
After becoming a movie director, Shim Hyung-rae became the first to receive "Korea's new intellectual" medal from the liberal government led by President Kim Dae-jung in 1999. The honor was given in recognition of his success in exporting his first sci-fi monster picture "Yonggari" to the United States, proving the possibility of locally produced blockbusters.
The 53-year-old director was widely reported to have clinched big commercial success in 2007 when his second monster picture, the CGI-heavy "D-War," hit the local film market, drawing about 8 million viewers. It also became one of the rare Korean films to hit the U.S. box office, raking in more than US$10 million, according to the Korean Film Council, which promotes the local film industry.
But in stark difference to his earlier acclaimed career, he quickly fell into a trap of debts following the failure of his latest Hollywood-targeted film, "The Last Godfather."
His production company Yonggu Art is facing permanent closure for the first time since its establishment 18 years ago due to financial difficulties.
On Wednesday, he was found to have been probed by a local employment and labor agency for the company's alleged failure to pay about 800 million won (US$753,437) in monthly wages and retirement benefits for its employees.
Shim stated during questioning that his company began to suffer financial problems due to its overly heavy investment in film production, agency officials said.
The company's management has worsened since "The Last Godfather" ended up drawing only 2.56 million viewers, far fewer than the 4.5-5 million necessary to reach the break-even point. The film was screened in Korea last December and was released in the United States in April.
To make matters worse, Hyundai Swiss Savings Bank earlier sued Shim on suspicion that his company failed to repay about 2.6 billion won borrowed to produce the 2007 movie "D-War."
Shim won the first case but lost in an appeals court in May this year. The case now awaits ruling by the Supreme Court.
SEOUL, Sept. 1 (Yonhap) -- He was once called a great master of slapstick comedy with his trademark persona, a fool named "Young-gu."
After becoming a movie director, Shim Hyung-rae became the first to receive "Korea's new intellectual" medal from the liberal government led by President Kim Dae-jung in 1999. The honor was given in recognition of his success in exporting his first sci-fi monster picture "Yonggari" to the United States, proving the possibility of locally produced blockbusters.
The 53-year-old director was widely reported to have clinched big commercial success in 2007 when his second monster picture, the CGI-heavy "D-War," hit the local film market, drawing about 8 million viewers. It also became one of the rare Korean films to hit the U.S. box office, raking in more than US$10 million, according to the Korean Film Council, which promotes the local film industry.
But in stark difference to his earlier acclaimed career, he quickly fell into a trap of debts following the failure of his latest Hollywood-targeted film, "The Last Godfather."
His production company Yonggu Art is facing permanent closure for the first time since its establishment 18 years ago due to financial difficulties.
On Wednesday, he was found to have been probed by a local employment and labor agency for the company's alleged failure to pay about 800 million won (US$753,437) in monthly wages and retirement benefits for its employees.
Shim stated during questioning that his company began to suffer financial problems due to its overly heavy investment in film production, agency officials said.
The company's management has worsened since "The Last Godfather" ended up drawing only 2.56 million viewers, far fewer than the 4.5-5 million necessary to reach the break-even point. The film was screened in Korea last December and was released in the United States in April.
To make matters worse, Hyundai Swiss Savings Bank earlier sued Shim on suspicion that his company failed to repay about 2.6 billion won borrowed to produce the 2007 movie "D-War."
Shim won the first case but lost in an appeals court in May this year. The case now awaits ruling by the Supreme Court.
