According to the Incheon police, "Lee Hyuk Jae borrowed 300 million won (approx. $259,303 U.S.) and was not able to repay it, and should face punishment."
On September 4, at an Incheon business, Lee Hyuk Jae said, "The performance business I'm operating and the Incheon Tourism Organization is promoting the 'The K Festival' together. I have to submit the certificate with the remaining balance of the corporation bank account. If you lend me the money, I will repay the amount 7 days after I hand in the certificate."
That is why, as the company understood Lee Hyuk Jae's company's predicament, loaned the 300 million won to him. But since, he has still not repaid 200 million won ($172,802 U.S.)
About this, Lee Hyuk Jae stated, "The company's state has not been good, and I apologize for not being able to repay the borrowed amount."
Through a phone interview with a news outlet on December 1, Lee Hyuk Jae said, "I didn't borrow the amount for personal reasons, but borrowed funds from a corporation for a corporation. The situation wasn't good so I was unable to return the amount. It is my fault and I will of course take responsibility."
He added, "Since I am a celebrity, it seems like they thought, 'If we embarrass him, he'll repay us faster'. But honestly, I am so close with the accuser that we didn't even write out a separate IOU. That person knows the inside story as well, but because they thought they might not receive the money, they've gone with the method to 'sue'," he said sadly.
He ended with, "There are a lot of people who suggest for me to apply for bankruptcy, but I still believe that I can repay it on my own. I want to be a proud father to my children. My children will be more proud of me if I'm able to overcome this struggle and get through this."
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