Squid Game Actor Lee Jung-jae Is Accused Of Using Fraud To Steal The Company
Actor Lee Jung-jae and his acquired company RaemongRaein are currently embroiled in a dispute, with the CEO of RaemongRaein issuing a rebuttal statement
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On June 10th, Kim Dong-rae, CEO of RaemongRaein, stated, “I would like to address the lawsuit filed by Artist United against me for damages and their request for an extraordinary general meeting to secure management rights. Investor Lee Jung-jae has never visited the company, nor has he presented any specific vision for future management.”
He said, “The current management, including myself, conveyed that we could not accept the acquisition of a listed company that deviates from RaemongRaein’s core business. The response we received was a unilateral notice to hold an extraordinary general meeting to discuss the replacement of the CEO, changing the company name, replacing the entire board of directors and amending the articles of association.”
He continued, “Within just three months of becoming the largest shareholder, these investors’ actions appear to be an attempt to use RaemongRaein’s cash assets as a shell for acquiring other companies. We could not allow RaemongRaein, built over 18 years through the collective effort of all employees, to become a victim of deceitful methods to usurp management rights.”
CEO Kim Dong-rae urged, “I call on Lee Jung-jae and the investors to stop their unjust attempts and engage in sincere and reasonable dialogue for RaemongRaein’s growth and development. We will not compromise or yield under pressure or attacks and will respond with everything we have.”
Artist United, of which Lee Jung-jae is the largest shareholder, acquired an 18.44% stake in RaemongRaein at the end of the first quarter of this year, becoming the largest shareholder.
In the extraordinary general meeting, Artist United proposed to appoint Lee Jung-jae, Jung Woo-sung and two others as internal directors. Other agenda items included changing the company name, adding business objectives and changing the method of announcements.
Artist United proposed that Lee Jung-jae and Jung Woo-sung participate in RaemongRaein’s management, but the current management has not complied, leading to the indication of legal actions, including a lawsuit for damages.
RaemongRaein is a media content production company that was listed on KOSDAQ in 2021. It produced works such as “Reborn Rich” and “Sungkyunkwan Scandal”.
