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Hwang Jung-eum [Photo of Yonhap News] |
[Alpha Biz= Paul Lee] South Korean actress Hwang Jung-eum appeared in court on May 15 on charges of embezzling company funds to invest in cryptocurrency.
The Criminal Division 2 of the Jeju District Court (Presiding Judge Lim Jae-nam) held the first hearing for Hwang, who has been indicted for violating the Act on the Aggravated Punishment of Specific Economic Crimes (embezzlement).
Prosecutors allege that around 2022, Hwang embezzled approximately 4.34 billion KRW (around USD 3.2 million) from a family-owned entertainment agency in which she holds 100% ownership. Of this, 4.2 billion KRW (approximately USD 3.1 million) was reportedly used to invest in cryptocurrency.
Hwang's legal counsel admitted to all charges during the trial. “The defendant invested in cryptocurrency in an effort to grow the company,” her lawyer stated. “Since the corporation couldn’t directly hold crypto assets, the investment was temporarily made under her personal name, which ultimately led to the offense.”
The defense added that because the agency’s revenue was entirely generated through Hwang’s own acting work, “in effect, the funds were tied to her.” The lawyer also emphasized that a portion of the losses has already been repaid by selling off some of the crypto holdings, and the remainder will be covered by liquidating real estate assets.
The second hearing in Hwang's case is scheduled for August.
AlphaBIZ Paul Lee(hoondork1977@alphabiz.co.kr)
