'Stock Manipulation Cleared' Im Chang-jung: "My Name Tarnished... Devastated Feelings"

Suspected of Involvement in Market Manipulation
Prosecutors Clear of Charges After Investigation

Soci?t? G?n?rale (SG) was embroiled in a stock price crash scandal, and although singer Lim Chang-jung was suspected of involvement, he recently received a non-prosecution disposition from the prosecution and bowed his head, saying, "My name has been tarnished."

On the 10th, Lim Chang-jung wrote on his Instagram account, "I deeply apologize with a bowed head to everyone and all the fans who were hurt due to my careless judgment over the past year."

He added, "Thanks to the love you have given me, I have lived under the name Lim Chang-jung for over 30 years, but I feel utterly devastated that my foolishness and immaturity have caused pain to many."

Singer Lim Chang-jung [Image source=Instagram capture]

He said, "In the process of becoming a producer, the artist Lim Chang-jung and the businessman Lim Chang-jung became mixed," and "I did not realize how dangerous my choices and decisions in that confusing position were," blaming himself.

He also said, "I am upset and sorry for the past days when I could not devote myself to my main work as an artist and left many people disappointed," and emphasized, "Even if I do not receive legal punishment for my ignorant actions and immature choices, I cannot cover up my shameful behavior. I will never forget all of this and live reflecting on it for the rest of my life."

Im Chang-jung's post on Instagram [Image source=Instagram capture]

Lim Chang-jung had been suspected of investing a large sum in H Investment Consulting, which was identified as a core manipulation group during the stock price crash incident. Because of this, he was investigated by the prosecution as a suspect involved in market manipulation. Furthermore, a video surfaced in which he appeared to praise Ra Deok-yeon, the key figure in the stock price manipulation, at an investor meeting he attended in the past, which intensified the controversy.

However, the prosecution's investigation revealed that Lim Chang-jung did not receive any investment profits or compensation for attracting investments from Mr. Ra. Ultimately, the prosecution issued a non-prosecution disposition for Lim Chang-jung last month.