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Core Contents CEO and CJ E&M Deny Allegations of Suspicious Money Exchange


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Core Contents Media CEO Kim Kwang Soo denied allegations that he illegally gave actress "H" and the company CJ E&M large sums of money. In June of this year, Kim Kwang Soo was accused of embezzling funds that were intended for the company’s trainees, including a part of the four billion won (roughly 3.92 million USD) former Hyundai Swiss Savings Bank Chairman Kim Kwang Jin paid into Core Contents Media for the debut and activities of his son, singer Kim Jong Wook. The Seoul Central District Finance and Taxes Investigation Section began investigating Kim Kwang Soo and his companies' finances when they discovered that large sums of money had been withdrawn or transferred to "H" and CJ E&M. A lawyer representing Kim Kwang Soo said in a statement, "CEO Kim Kwang Soo produced two full albums and one single album for singer "K," who was under "H's" agency, at the agency's request, and also filmed five music videos." The lawyer explained that the alleged "suspicious money" that went to the actress was her pay for appearing in the music videos and that all the other production costs were paid for as well. The lawyer also warned that unconfirmed rumors and speculation could damage the reputations of either parties and that legal action will be taken if the rumors continue. CJ E&M also sent out an official statement denying any wrong-doings. Kim Kwang Soo is still being investigated for the accusations of embezzlement but has not been officially charged. Source 1 and 2

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