Core Contents Media has found themselves in the headlines today as CEO Kim Kwang Soo is reportedly being investigated about allegedly misappropriating funds that were meant for debut and promotional activities of a former trainee.
According to the prosecutor's office, Kim Kwang Soo is being investigated for misappropriating a portion of the 4 billion KRW (~ 3.9 million USD) that was given by Kim Kwang Jin (former chairman of Hyundai Swiss Savings Bank) to use for his son Kim Jong Wook's singer debut and promotion. It's said this investigation was brought about after a petition was filed back in October of last year.
Kim Kwang Soo's bank accounts are being looked into and various individuals related to the matter are being summoned for questioning. The prosecution will be summoning Kim Kwang Soo himself in for questioning soon as they determine that several hundred million KRW have gone into his bank account.
The whereabouts of the funds and how they were used are especially being questioned because back in November, Kim Kwang Jin of Hyundai Swiss Savings Bank was indicted for utilizing illegal lending to embezzle about 10.8 billion KRW for personal use and used 4 billion to support his son's debut and promotions. His son (Kim Jong Wook) later entered military service while promoting as a singer, and after being discharged, he is said to have started working at Hyundai Swiss Savings Bank. Kim Kwang Jin has already received a sentence of 4 years in jail.
No articles to show.
