YouTuber Lee Jin-ho investigated the suspicion of singer Lee Sang-min, formerly of the group Roola, 'pretending to be a debtor.' Photo by YouTube channel 'Entertainment President Lee Jin-ho', SBS variety show 'Take Off Your Shoes, Dolsing Fourmen' capture.
[Asia Economy Online Issue Team] Regarding the suspicion that singer Lee Sang-min, formerly of the group Roolla, was 'pretending to be a debtor,' YouTuber Lee Jin-ho stated, "His debt has recently increased again."
On the 28th, a video titled "Checked Lee Sang-min's Actual Debt" was uploaded on the YouTube channel 'Entertainment Deputy President Lee Jin-ho.'
In the video, Lee Jin-ho said, "The controversy over Lee Sang-min's 'debtor cosplay' was a hot topic in the entertainment industry for a while. Although Lee Sang-min is enjoying his prime, sweeping the entertainment awards last year with SBS's 'My Ugly Duckling' (hereafter 'My Ugly Duckling'), his debt has not decreased much for some reason," adding, "He received appearance fees of 6 to 7 million KRW per episode, wore shoes worth over 10 million KRW, and dressed in luxury clothes, yet the label of debtor always followed him."
He continued, "In 2016, Lee Sang-min said he would clear 6.9 billion KRW of debt by the next year, but by 2022, he had not been able to repay it. Recently, the debt, which was 900 million KRW, reportedly increased again to around 1.6 billion KRW, causing a backlash."
He explained, "Why does Lee Sang-min call himself a debtor? Many viewed it as a broadcasting concept, and the first reason is rent. Lee Sang-min, who lived in Yongsan paying monthly rent of around 4 million KRW, recently moved to a house in Paju with a deposit of 50 million KRW and monthly rent of about 2 million KRW. Although he called himself a debtor, the house is a detached home with a loft and a separate balcony, which led to the 'debtor cosplay' remarks. Moreover, Lee Sang-min recently revealed his investment in cryptocurrency. Based on Tak Jae-hoon's saying, 'Buy a house if it goes up eightfold,' it is estimated that Lee Sang-min invested at least 100 to 200 million KRW in crypto. Considering all this, it was a natural suspicion that it was hard to see him as a debtor."
However, Lee Jin-ho soon said, "After focusing on Lee Sang-min's assets, the new house, which appeared as a luxurious mansion on the broadcast, was located in an outskirt area of Paju, not the center. The complex is not yet properly developed, lacking basic amenities such as restaurants, real estate offices, and convenience stores. Despite the luxurious interior, the surroundings were a development site under construction. Local real estate agents said they would not recommend the house because the loan amount tied to it was quite large. Lee Sang-min is living in a property with risks, so it is hard to say he deceived viewers about the rent part."
He also said, "We received reports that Lee Sang-min's debt is classified as bad debt. He has been repaying debts starting from creditors with small amounts, but in the process, there were cases where he had to repay debts that he did not have to or where the debt amount increased."
He added, "As Lee Sang-min's broadcasting activities increased, creditors demanded more than the original repayment amount, citing interest and mental damage compensation. However, since revealing this would make repayment more difficult, Lee Sang-min quietly accepted the demands to resolve the issue," and continued, "As a result, only three creditors who lent the most money remain. Two debts have been almost fully repaid, and only the creditor with the largest debt remains. That debt was around 900 million KRW, which was why Lee Sang-min could breathe a sigh of relief. This is also why he said the debt had decreased to 900 million KRW."
Lee Jin-ho said, "The problem was the creditor's demand. They requested 2.4 billion KRW due to interest and the long-term nature of the debt. According to insiders, Lee Sang-min suffered significant mental distress because of this. Especially since the creditor sent a certified letter through a law firm, it could have escalated into a legal dispute. Eventually, legal representatives from both sides intervened, adjusted the amount, and after prolonged negotiations, the debt was finally settled at 1.7 billion KRW at the end of last year," adding, "Although Lee Sang-min went through a difficult mental time, only three creditors remain, and the debt amount was fully agreed upon at the end of last year, showing his willingness to repay. The final debt amount I confirmed was around 1.3 billion KRW. It is not expected to increase further. Overall, the suspicion of Lee Sang-min's 'debtor cosplay' is somewhat exaggerated."
Lee Jin-ho concluded, "Through his close associates, Lee Sang-min conveyed, 'I think viewers can understandably feel that I am pretending to be a debtor. Since all debt amounts were settled by the end of last year, I expect to have more financial leeway going forward. I will reduce the debtor concept from now on.'"
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