Nineof Korea's top directors including Park Chan-wook (Old Boy) and BongJoon-ho (Memories Of Murder) have established a new film companyto finance the cost of developing future projects.

NineDirectors, Ltd. is being launched with individual contributions from eachdirector, and will provide filmmakers with the freedom to plan and write thescreenplay for new projects without seeking development funds from productionor investment companies.

"Althoughwe haven't yet decided on an investor, in the future we plan to seek outsidefinancing and hope to establish a new and more rational system for makingfilms," said Nine Directors CEO Lee Tae-heon.

Leereiterated that Nine Directors will not function as a production company ormain investor, but will focus instead on covering just the initial stages offinance. Recovery of funds will laterbe negotiated with each project's producers and investors.

Otherdirectors making up the group include some of the most recognisable names incontemporary Korean cinema, including Kim Jee-woon (A Tale Of Two Sisters),E J-yong (Untold Scandal), Hur Jin-ho (One Fine Spring Day), KimSung-soo (Musa), Yu Ha (Once Upon A Time In High School), LeeHyun-seung (Il Mare), and Kwon Chil-in (Singles).