Discomfort Over Parody of Im Chang-jung's Famous Song Lyrics
"Factually Incorrect... Legal Action Possible"
Regarding the stock price crash incident triggered by the French securities firm 'Soci?t? G?n?rale (SG)', singer Lim Chang-jung's side, who claims to be a victim as well, reportedly warned the creator of a parody post that they "may take legal action."
This news was first revealed through the YouTube channel 'Eumbongjun'. The channel disclosed an email received from Lim Chang-jung's agency, 'YES IM Entertainment' (YES IM), on the 29th of last month.
The agency stated in the email, "The content you posted contains facts that differ from the actual truth and can seriously damage another person's reputation," adding, "If immediate corrective actions such as deletion, withdrawal, or modification of the post are not taken, we will have no choice but to take strict legal measures including criminal complaints and claims for damages to prevent further harm."
Recently, as claims arose that Lim Chang-jung might also be involved with the suspected stock manipulation group related to the SG-triggered stock price crash, Eumbongjun created and uploaded a parody video on YouTube.
The video features parodied versions of three of Lim Chang-jung's songs: "The Love I Committed," "A Glass of Soju," and "Dancing with the Wolves." The lyrics include lines such as "Honey, it's me, the group, are you climbing well there?" and "It's the moment to hand over the bankbook." However, before the songs start, a disclaimer states, "This song is not targeting any specific individual."
Meanwhile, the incident was triggered on the 24th of last month when stocks of eight companies, including Seonkwang and Harim Holdings, were flooded onto the market through SG Securities. As a result, the stock prices of these companies hit the daily lower limit for consecutive days.
Amid growing controversy, the Seoul Southern District Prosecutors' Office's Joint Investigation Team on Financial and Securities Crimes decided on the 28th of last month to launch an investigation by forming a joint task force including personnel from the Financial Services Commission's Capital Market Investigation Division and the Financial Supervisory Service's investigation team.
More than ten victims who suffered losses from the stock price crash have also filed complaints against the suspected stock manipulation group. They requested the prosecution to investigate under charges including fraud and tax evasion under the Act on the Aggravated Punishment of Specific Crimes, violations of the Capital Markets Act, and violations of the Act on Reporting and Using Specified Financial Transaction Information.
Lim Chang-jung claims that he is also a victim of the manipulation group. He revealed that he invested 1.5 billion KRW each through bank accounts under his and his wife's names but ultimately lost the entire principal and incurred debts of 6 billion KRW.
Meanwhile, on the 1st, JTBC's 'Newsroom' further fueled the controversy by releasing footage from an investor meeting held by a golf company involved in the case last December.
In the video, Lim Chang-jung, standing before the investors, says to Ra Deok-yeon, the CEO of the investment advisory firm suspected of orchestrating the stock manipulation, "But you still entrust money to that XX. It's like a religion." He adds, "You're doing well. Because that XX who took my money is amazing, right? Isn't that right?"
He also directs Ra, "I'll give you exactly one month until the end of next month. If you don't provide the returns you promise, I'll dissolve all of this," encouraging a response with "Right? Isn't that right?"
Regarding the video, Lim Chang-jung's side explained to JTBC, "While it is true that some statements that could be misunderstood were made to create the atmosphere of the meeting at the time, we did not encourage investment."
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