'Squid Game' Star Lee Jung-jae accused of defrauding K-drama company with fake promises

Amid the budding anticipation for 'Squid Game' Season 2, lead actor Lee Jung Jae has found himself in hot water. Lee, alongside the ex-CEO of WYSIWYG Studios, Park In Gyu, has been accused of serious fraud allegations. The fraud complaint against the actor and the former CEO has been filed by RaemongRaein, the company behind acclaimed dramas 'Sungkyunkwan Scandal', 'Maestra' and 'Reborn Rich'. RaemongRaein's CEO, Kim Dong Rae has accused Lee's company, Artist United, and Park In-gyu, of misleading him with false promises.

Lee Jung Jae Accused of Fraud

Speaking to Korea Times, Kim Dong Rae revealed Lee Jung Jae and Park In Gyu assured Kim that the 'Squid Game' actor's industry connections would bring big investments and management changes to RaemongRaein. However, he alleged that they wanted to take over the company, replacing Kim as CEO and overtaking the entire board. The conflict intensified after Dong Rae found out about Artist United’s plan to buy another firm instead of investing in his company.

According to Korea Times, Kim, in a statement, said, “Contrary to our initial discussions before the investment, I learned that Artist United used Raemongraein’s funds to acquire a suspended entertainment company. This move by (Lee and Artist United), just three months after becoming the largest shareholder, appears to be an attempt to use Raemongraein’s cash assets as a shell to acquire another company.”

“I partnered with Artist United believing that Raemongraein could achieve global expansion through Lee Jung-jae’s network and capital. However, Lee has never visited the company or presented any vision for its management. We cannot let Raemongraein become a victim of forces attempting to seize management rights through deceptive methods. I call on Lee Jung-Jae and the other investors to stop these unjust attempts and engage in sincere and reasonable discussions for the growth and development of Raemongraein,” Kim Dong-rae added.

Lee Jung Jae denies accusations

Following Kim Dong Rae's complaint against him at the Seoul Gangnam Police Station for violating the Act on the Aggravated Punishment of Specific Economic Crimes (Fraud), Jae's team told the portal that Kim had not followed the investors' demand. The lawyer also added that Raemongraein CEO has also blocked calls for a special meeting, which would have allowed investors to participate in the company's management decisions.

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