Squid Game Star Lee Jung-jae Accused of Fraud in RaemongRaein Conflict

Squid Game Star Lee Jung-jae Accused of Fraud in RaemongRaein Conflict

“Squid Game” lead Lee Jung-jae embroiled in a serious legal row with RaemongRaein, the company behind hits like “Sungkyunkwan Scandal,” “Maestra,” and “Reborn Rich”. It all began when Kim Dong-rae, the CEO of RaemongRaein alleged that Artist United, the company managed by Lee, and then WYSIWYG Studios director Park In-gyu duped the former with empty promises.

Kim says Artist United told him Lee’s industry connections would secure large investment money and give RaemongRaein much-needed management reforms. Instead, Kim says, Lee and Park not only representativeof not fulfilling promises but began attempting to strip the firm right out from under him, replacing him as CEO while taking the rest of the board for themselves. Things reached a boiling point, he says, when RaemongRaein voted down Artist United’s plan to acquire another firm.

In an interview with the Korea Times, Kim said, “Contrary to what we had discussed before the investment, I found out Artist United used RaemongRaein’s money to purchase a suspended entertainment company. What Lee and Artist United did three months after becoming the largest shareholder seems aiming to utilize the cash asset of RaemongRaein as a shell to acquire another company.

“I invested in Artist United thinking RaemongRaein could advance into the global market with Lee Jung-jae’s network and capital, but Lee has never come to the company or shown any vision for the managing of it. It cannot let RaemongRaein be used as a scapegoat by some forces who have been using devious ways to snatch managerial rights.”. I would like to ask Lee Jung-jae and other investors to pull out these unreasonable attempts and make sincere and rational negotiations again for the growth and development of RaemongRaein.

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Reacting to the allegations, Artist United said that Kim Dong-rae had violated the demands by investors to convene a special meeting that could give investors a say over the management decisions and had persistently blocked their calls.

In March, Artist United became the top shareholder of RaemongRaein by buying 18.44% of its shares. Lee Jung-jae holds 23.49% of shares at Artist United and 5.12% at RaemongRaein. Netflix show Squids Game star Lee Jung-jae has become a global sensation as he is now back for season two, highly awaited to be released on December 26. The actor was most recently seen throughout Disney Plus series, “Star Wars: The Acolyte.”