2023-05-02 00:20:00
Circumstances of partnership with the stock price manipulator
[이코노미스트 이혜리 기자] Singer Lim Chang-jung, who claimed to be a victim of the ‘SG Securities stock price crash’, was found to be in partnership with a stock price manipulator. It was also revealed that he expressed his trust in the representative of H Investment Advisory, Ra Deok-yeon, who was pointed out as the main culprit, by calling him “religion.”
According to the JTBC newsroom on the 1st, in a video, Lim Chang-jung went out to the audience, grabbed the microphone, and left CEO Ra, “(I) but leave the money to that XX again. It’s very religious,” he said. “You’re doing great. Because that XX who took my money is great. Is it right or not?” he said. To this, investors responded with “Hallelujah, I believe.”
It was confirmed that the video was filmed at an investor meeting held in December of last year by a golf company involved in the incident. At this meeting, Lim Chang-jung said to CEO Ra again, “I will give you one month until the end of next month. If you don’t give me as much profit as you want, I’ll disband them all. XXX guys. Is it right or not?” he said. When the response burst out, Lim Chang-jung said, “Be great! This is how religion is born.”
Singer Park Hye-kyung, who is known to have invested, also attended the event. In the video, Park Hye-kyung is reported to have laughed and clapped while looking at Lim Chang-jung and former CEO Ra, and also sang.
Earlier, Park Hye-kyung claimed on Instagram on the 28th of last month that she was also a victim and that the condition for signing an exclusive contract with a new agency was to leave a deposit of 100 million won to the company. Regarding her participation in the investor event, Park Hye-kyung told JTBC that she “was on the condition that she attend the meeting as she moved her agency.”
Beyond simple investment, the situation of conducting business with stock price manipulators was also captured. In the certified copy of the register of the entertainment company that Lim Chang-jung invested with CEO Ra, Seo Ha-yan, Lim Chang-jung’s wife, and those involved in the stock price manipulation group are listed as inside directors.
There was also a testimony that Lim Chang-jung directly proposed a method of paying fees to them. A key member of the stock price manipulator told the media, “Lim Chang-jung came in person and explained that it would be better to settle the settlement with neighboring rights, etc., as ‘if the settlement is made with the celebrity’s appearance fee, you can face a tax investigation later.”
On the other hand, Lim Chang-jung is appealing as a ‘victim’ in relation to the recent stock price manipulation controversy. Lim Chang-jung’s side explained to the media, “It is true that I made some misleading remarks for the atmosphere of the meeting at the time, but I did not encourage investment.” Lim Chang-jung claims that she is in a situation where she has to worry about the activities of the girl group she launched and the salary of the employees of her agency, saying, “I invested 3 billion won in a stock-manipulator (lost all the principal) and ended up with a debt of 6 billion won.”
ⓒ The Economist (https://economist.co.kr) Unauthorized reproduction and redistribution of ‘The Economist, Economic News for Tomorrow’ is prohibited
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