Wemade emphasized the core issue of unpaid royalties by China’s Kingnet during a meeting on April 21 regarding royalty evasion in China and urged for prompt enforcement of the Chinese court’s ruling. On April 25, Wemade reinforced that it maintains a cooperative relationship with Actozsoft and Shanda Games.
In their statement, Wemade expressed hope for a fair procedure following the Singapore ICC arbitration ruling concerning Shanda Games and Actozsoft in both countries’ courts. They reiterated their plan to continue close cooperation with Actozsoft to protect and develop the MIR IP, based on the exclusive license agreement for “MIR2·3” in 2023.
The recent explanation session aimed to address Kingnet’s obstruction of lawful court enforcement despite the international arbitration court’s ruling and the domestic court’s final decision. Wemade stated it was intended to highlight Kingnet’s actions in evading payment of due royalties by illegal concealment of assets despite earning significant revenue.
Wemade warned that asset concealment to avoid pending enforcement, which is subject to criminal penalties under Chinese law, threatens Korean companies’ IP protection in China if such actions by Chinese firms targeting Korean companies continue unchecked. They also called for governmental support, urging the Korean government to pay attention and provide multifaceted support regarding damages incurred during the export of Korean content to China.