South Korean actor Lee Jung-jae, best known for his lead role in “Squid Game,” is currently under police investigation after being accused of committing fraud. According to a report by South Korean news outlet Chosun Ilbo, Lee and former CEO of video production company WYSIWYG Studios, Park In-kyu, are being investigated for allegedly breaching South Korea’s Specific Economic Crimes Act.
The complaint against Lee and Park was lodged by Kim Dong-rae, current CEO of separate drama production company RaemongRein. Kim accused Lee and Park of misleading him into believing that their involvement as major shareholders would greatly benefit his company’s growth. Kim subsequently transferred his shares to both Lee and Park but now alleges that they are trying to kick him out of the company’s management team after acquiring his shares.
Kim is accusing Lee and Park of focusing on acquiring another listed company, Chorokbaem Media, with KRW20 billion (approximately £11.4 million) belonging to RaemongRein, instead of the growth of his company as purportedly promised. Despite a prior agreement on joint management, which he claims was documented in their contract, Lee and Park failed to honour this clause, according to Kim.
Lee’s legal counsel has refuted Kim’s accusations, stating that the contract in question explicitly stated that it was a deal involving the transfer of management rights. Lee has since countersued Kim for defamation and fraud. As of writing, the investigation into both Park and Lee is ongoing, with questioning of both men expected to take place soon.
In other Korean music news, Day6 has announced an upcoming world tour dubbed “Forever Young,” expected to kick off in September this year with a three-night residency at Incheon’s Inspire Arena. The Asian leg of the tour will include cities in Japan, Southeast and East Asia, while shows in other regions have yet to be announced
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