Conflict Intensifies with Drama Production Company RaemongRaein
Kim Dong-rae, CEO of production company RaemongRaein, reportedly filed a lawsuit against actor Lee Jung-jae, who is engaged in a management rights dispute, on charges of fraud. Lee Jung-jae's side called it a "one-sided claim" and filed a counter-lawsuit for false accusation and fraud under the Act on the Aggravated Punishment of Specific Economic Crimes.
In June, CEO Kim Dong-rae filed a complaint with the Gangnam Police Station in Seoul against Lee Jung-jae and former Wysiwyg Studios CEO Park In-gyu on charges of fraud under the Act on the Aggravated Punishment of Specific Economic Crimes. It is known that Kim accused Lee and Park of failing to keep their promises after acquiring shares in RaemongRaein, despite participating in management and acquiring the management division of a well-known domestic entertainment company, as well as attracting investment from a U.S. entertainment agency.
CEO Kim claims that Lee Jung-jae's side deliberately approached him with the intent of a "corporate takeover" to seize management rights of RaemongRaein. He asserted, "They immediately began the process of acquiring 'Chorokbaem Media,' which is currently suspended from trading, using RaemongRaein's 20 billion KRW cash reserves."
In response, on the 10th, Law Firm Lin, representing Artist United, issued a statement saying, "On June 26, CEO Kim filed a complaint against investors (including Lee Jung-jae) with the absurd claim that the investors deceived him to unlawfully obtain management rights." They added, "Despite the investors faithfully fulfilling all obligations under the investment contract, CEO Kim, who has not fulfilled his own obligations at all, ironically filed the complaint, which is very frustrating."
Lee Jung-jae, through Law Firm Lin, filed a counter-lawsuit last month at the Seocho Police Station in Seoul against CEO Kim on charges of false accusation and fraud under the Act on the Aggravated Punishment of Specific Economic Crimes.
Artist United is a corporation formerly known as Wider Planet, where Lee Jung-jae is the largest shareholder. On March 14, Artist United, along with Lee Jung-jae and related parties, participated in a 29 billion KRW paid-in capital increase of RaemongRaein, acquiring a 29.33% stake and becoming the largest shareholder.
RaemongRaein, established in 2007, is a drama production company known for producing works such as "Sungkyunkwan Scandal" and "The Youngest Son of a Chaebol Family," and was listed on the KOSDAQ market in 2021.
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