Korean Actress Acknowledges Embezzlement Charges
Korean actress Hwang Jung-eum has admitted to embezzling 4.34 billion won, equivalent to about $3 million, from her own company. The funds were reportedly invested in cryptocurrency, according to reports from local sources familiar with the case. This admission comes as part of her ongoing trial for violating the Act on the Aggravated Punishment of Specific Economic Crimes.
Hwang Jung-eum, known for starring roles in popular series such as “High Kick Through the Roof,” “Kill Me, Heal Me,” “She Was Pretty,” and “Endless Love,” faces serious legal consequences amid these revelations. The first court hearing took place on May 15 at the Jeju District Court.
Details of the Embezzlement Case
The indictment reveals that by December 2022, Hwang embezzled a total of 4.34 billion won from her family-owned corporation, in which she holds 100% of the shares. Among the misused funds, approximately 700 million won was borrowed by her agency and invested in cryptocurrency under the pretense of advance payments.
Most of the misappropriated money, about 4.2 billion won, was channeled into various cryptocurrency investments. On the day of the trial, Hwang acknowledged the charges brought against her. Her lawyer explained, “There is no dispute about the facts of the indictment. The defendant invested in coins with the intention of growing the company, and since the corporation could not hold the coins, she temporarily invested in her own name, which led to the commission of this crime.”
He added, “Since the profits of the agency are generated from the defendant’s activities, they ultimately belong to her. Please take into account that some damages were covered by selling coins, with the remaining balance being repaid through selling real estate.”
Hwang Jung-eum’s Public Statement and Apology
Through her agency, Hwang issued a public apology for the incident. She explained that she established and operated the entertainment agency solely for her own entertainment activities, with no other artists affiliated. “This entertainment agency is a company that I own 100 percent of, and no other celebrities have ever been affiliated with it besides me, and all of the profits come from my activities,” she said.
She further shared, “While I was thinking about growing the company, I was advised by people around me to invest in coins around 2021 to increase the company’s funds, so I jumped into investing in coins that I didn’t know much about. Although the funds were in the company’s name, I think I made an immature decision because they were profits earned through my own activities.”
Despite suffering losses from the investments, Hwang emphasized that no third parties were harmed. “Although I did suffer a loss due to investing in coins, I own 100 percent of the company’s shares, there are no other celebrities under my agency, and there are no other creditors other than the bank holding collateral, so I did not cause any damage to any third parties, which is fortunate,” she explained.
Steps Towards Resolution and Ongoing Legal Process
She also disclosed efforts to resolve the issue, stating, “In order to correct my wrongful transaction relationship with the company, I am currently working with a different agency and am in the process of completely ending my transaction relationship with the company. I have disposed of my personal assets and repaid a significant portion of the funds that I had withdrawn from the company in the form of a down payment, and I am in the process of clearing up some of the outstanding balance.”
Hwang’s next court hearing is scheduled for August 21. Meanwhile, she has been removed from her hosting role on the TV program “Solo.” Additionally, companies have withdrawn advertisements featuring her and other cast members from “High Kick Through the Roof.”
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