Lee Jung-jae, CEO of Raemongraein Kim Dong-rae of the production company 'Jaebeoljip', and the conflict over management rights intensifies
Aug 10, 2024
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In June, Kim Dong-rae, CEO of Raemongraein, filed a complaint with the Gangnam Police Station in Seoul against Lee Jung-jae and Park In-kyu, former CEO of Wizwick Studio, on charges of fraud under the Specific Economic Crimes Act. CEO Kim said he sued Lee Jung-jae and Park In-kyu for failing to fulfill their promises such as attracting investment from U.S. entertainment agencies and taking over the entertainment management sector. They also claimed that they approached it for the purpose of hunting businesses in order to take away management rights.
In response, Lee Jung-jae's legal representative, Lin of the law firm, strongly refuted, saying, `This is not true at all.' Lynn explained that "the investment contract does not specify the purpose of 'Acquisition of management rights of Laemmongraein'" and that "The attraction of investment from an American entertainment agency is just a business idea considered after the acquisition of Laemmongraein". Subsequently, despite fulfilling his contractual obligations, CEO Kim Dong-rae did not fulfill his obligation to transfer management rights," he added.
Eventually, Artist United filed a complaint against CEO Kim Dong-rae on charges of innocence and fraud under the Specific Economic Crimes Act.
Raemongraein was established in 2007 and produced dramas such as 'Sungkyunkwan Scandal' and 'Youngest Son of a Congregation' and was listed on the KOSDAQ market in 2021. Artist United acquired Lamont Lane through a paid-in capital increase in March 2023 and became the largest shareholder, and has since been in dispute over management rights.
mj.cho@sportschosun.com
