SEOUL, May 17 — South Korean actress Hwang Jung-eum is facing serious legal heat after admitting in court to taking 4.3 billion won (RM12.9 million) from her own talent agency and pouring most of it into cryptocurrency — a move her lawyer claims was meant to benefit the company.
Korea JoongAng Daily reported that at the first hearing held Thursday at Jeju District Court, the 39-year-old Hwang stood trial on charges of embezzlement under the Act on the Aggravated Punishment of Specific Economic Crimes.
“There is no dispute over the facts of the case,” her lawyer said, confirming that Hwang had indeed withdrawn the funds from Y.One Entertainment, the agency she owns outright and which manages 30 actors including herself.
Of the amount taken, around 4.2 billion won was funnelled into cryptocurrency investments, which her legal team insists was done with good intentions.
“The defendant invested in cryptocurrency with the intention of growing the company — and because corporations are not permitted to hold cryptocurrency, the investment was temporarily made under her personal name, which ultimately led to the offense in question,” the lawyer was quoted as saying.
The defence also argued that since the agency’s revenue “ultimately stem[s] from the defendant’s own work, they can be seen as rightfully belonging to her.”
Korea JoongAng Daily said some of the damage has already been repaid by liquidating crypto assets, with the remainder to be covered by selling property.
The court granted a delay in proceedings to allow for the full compensation plan to be executed.
Hwang, who got her start in the early 2000s as a member of the girl group Sugar, has built a successful acting career with hit dramas such as She Was Pretty and Kill Me, Heal Me.
She currently serves as the host of SBS Plus variety show Because I’m Single.
