Squid Game Actor Lee Jung Jae’s Company Was Searched and Investigated by the Police!!!
The company in which Lee Jung Jae is the largest shareholder has just been searched by the authorities.
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On December 7, Nate reported that actor Lee Jung Jae’s company Artist United is being investigated for unfair acquisition and investment transactions in the market. On December 3, the Capital Market Research Department of the Financial Services Commission searched Artists United and seized many documents, records, and transaction contracts.
Accordingly, on December 8, 2023, Lee Jung Jae became the largest shareholder of Wider Planet when he decided to invest 10 billion won. Afterwards, Lee Jung Jae, Jung Woo Sung, and Park In Gyu (former director of WYSIWYG Studio) took over the management and changed the company’s name from Wider Planet to Artist United. Authorities said that Lee Jung Jae’s acquisition of Wider Planet caused unusual fluctuations in the stock market. Therefore, they suspect that some forces knew in advance about Lee Jung Jae’s acquisition of the company and intentionally increased the stock price to make a profit.
Just a few days before Lee Jung Jae officially acquired Wider Planet, a photo of him and Minister of Justice Han Dong Hoon, as well as information about them having dinner together, went viral on social media. The above image caused the company’s stock price to increase more than 6 times in a short period of time on the market. Therefore, authorities suspect that the relationship between Lee Jung Jae and Minister Han Dong Hoon was not accidentally revealed.
The information that Lee Jung Jae was being investigated caused a stir in public opinion. When contacted by the media, the actor’s representative confirmed the investigation by the Financial Services Commission into Artist United. However, the actor’s side said that Artist United and Lee Jung Jae are not the main subjects of the investigation, but the former management of Wider Planet. The actor and the staff of Artist United are only cooperating to clarify the incident. The representative also confirmed that Lee Jung Jae is not involved in illegal activities such as information leakage or illegal transactions before the capital increase for Wider Planet through third-party allocation.
Meanwhile, an official from the Financial Services Commission said: “The investigation is ongoing, so it is difficult to disclose details such as the subject of investigation or the allegations at this time.” The representative of the Financial Services Commission did not confirm or deny the information that Lee Jung Jae is on the list of subjects under investigation.
Lee Jung Jae’s side denied that the actor is a subject of investigation. While a representative of the Financial Services Commission said that he could not disclose information about the investigation at the moment
Not long ago, Lee Jung Jae was also involved in a negative investment scandal. The Squid Game actor and his company Artist United were accused of taking control of the film production company Raemongraein. Artist United acquired Raemongraein in March, and a dispute arose in June.
On June 10, Raemongraein CEO Kim Dong Rae said that Lee Jung Jae’s company Artist United sued him and tried to take control of Raemongraein through an extraordinary shareholders’ meeting. Kim Dong Rae accused Lee Jung Jae of never visiting the company since acquiring Raemongraein, nor of having a specific vision for the future management and development of Raemongraein.
Artist United used Raemongraein’s cash and name to acquire another entertainment company that was suspended. Raemongraein’s management opposed the acquisition of the company. Artist United countered by announcing an extraordinary general meeting of shareholders, which is expected to change Raemongraein’s name, remove the CEO and the entire current management, and amend the terms of operation. In other words, Artist will erase the name Raemongraein and take over the management of the company. Kim Dong Rae responded: “We cannot let Raemongraein and the results of 18 years of effort fall victim to forces trying to take over management rights through fraud.”
In a statement to shareholders, Kim Dong Rae said he expected Raemongraein to expand to a global scale with Lee Jung Jae joining the organization. But as an investor, the Squid Game actor is completely uninterested in the company’s development.
In response to the above allegations, Artist United’s legal representative argued that Kim Dong Rae prevented investors from exercising their legal right to participate in management. “When it was acquired, Raemongraein agreed that Lee Jung Jae and Jung Woo Sung would have management rights. However, Kim Dong Rae refused to comply with the investors’ requests. He ignored the legitimate request for an extraordinary shareholders’ meeting, preventing investors from participating in the management.”
