60th Daejong International Film Awards to go ahead as planned, despite host's financial stress

Lee Jang-ho, the head of the Daejong International Film Awards, speaks during a press conference in Jongno District, central Seoul, on Thursday. [YONHAP]

Despite facing a financial crisis and a declining reputation, the Motion Pictures Association of Korea, host of the Daejong International Film Awards, announced on Thursday during a news conference that “the show must go on.”

The association entered bankruptcy last December, raising questions about the future of one of Korea's largest film award ceremonies. It addressed concerns surrounding its financial status at a news conference in Jongno District, central Seoul, on Thursday, and confirmed that the event's 60th iteration will take place as planned.

“It’s a valuable legacy that should be handed down to the next generation,” said Yang Yun-ho, the president of the association.

The Daejong International Film Awards were launched in 1962. It is one of the three biggest film awards ceremonies in Korea, along with the Baeksang Arts Awards and the Blue Dragon Film Awards, and is also the oldest of the three.

The bankruptcy was filed by a former association executive, surnamed Kim, who is one of its creditors. The association has accused Kim of attempting to privatize the event and deprive the association of its rights.

Kim, who was an executive member for around 20 years and served as an adviser to the former executive branch, left the association in 2022 and is not currently a member.

The association stated that the current dispute is not infighting within the film industry but instead a battle between the current administration's commitment to reforming past bad practices and a creditor asserting his vested interests.

Even if the association stabilizes financially, another challenge remains: restoring the ceremony's former glory. Despite its long history, the ceremony has faced criticism for controversial actions, such as threatening withhold awards from those who do not physically attend and use of an assessment system that industry insiders have characterized as “unfair.” Nearly half last year's invitees were absent from the event.

The association emphasized that it has been working to rectify these issues since Yang was elected president in 2022.

“I used to think that the association was rotten as it was carried out very politically,” said Lee Jang-ho, the head of the Daejong International Film Awards committee, who also attended the news conference.

“We hope that this year’s Daejong International Film Awards will be a new start for all of us,” said Yang.

By reaffirming their commitment to overcoming financial and reputational challenges, the association aims to ensure that the Daejong International Film Awards continue as a prestigious event in the Korean film industry.

The association said it applied for a rehabilitation procedure in February in order to resolve its financial turmoil. That plan, however, is currently in limbo; creditor Kim has not agreed to the proposed plan and is demanding Yang step down from the presidential position.

“If the rehabilitation is halted due to Kim’s disagreement with the plan and leading the association to be declared bankrupt again, we have no choice but to appeal to the High Court,” Yang said. “There, we will legally argue its case again to salvage the association.”

BY KIM JI-YE [kim.jiye@joongang.co.kr]