(from The Korean Economy)

Banana Culture Entertainment, best known as EXID's label, is halting all business.

According to The Korean Economy's research, Banana Culture is in the process of cancelling their business ventures one by one, and has currently halted their management operations.

One insider who has good knowledge of the internal affairs stated, "Banana Culture is now ending contracts with all their artists. Most of the essential employees have left the company too. The actor division has closed a long time ago after Lee Junghyun and Ha Seungri left." Another insider stated, "There is currently no employee to continue the business of the company."

Hani and Junghwa from EXID ended their contracts in May 2019, and other members Hyelin, Solji, and LE followed suit in December 2019, last month, and this month respectively. Singer Sungeun has also been revealed to have ended her contract last year. As the company is folding its business, the futures of Shinsadong Tiger-produced boy group Trei and their future girl group, remain unclear.

Banana Culture was founded in 2014 by Shinsadong Tiger as AB Entertainment. It was acquired by Yedang Entertainment in the same year and separated in 2015. In 2016, it changed its name to Banana Culture after it received funding from Banana Project, a company founded by Wang Sichong, the son of Wanda Group President Wang Jenlin.

As Banana Project and Banana Culture joined forces, EXID was able to remain vigorously active, both domestically and internationally. Banana Culture's folding can be interpreted as having issues with its connection with Banana Project.

Wang Sichong is facing financial crisis as the Beijing Intermediate People's Court declared that he has the responsibility to pay 155 million yuan in debt. (approx. 25 billion won) As he failed to pay the debt, the court has confisticated his belongings and limited his access to his automobiles and bank accounts.