Core Contents Media CEO Investigated for Allegedly Stealing Company's Funds!

The CEO of Core Contents is now under fire as he has been reported to be stealing the company's funds

Jun 25, 2014 03:28 PM BST

TAGㆍCore Contents Mediaㆍ t-ara

(Photo : allabout-tara.blogspot.com)

a report has stated that Core Contents Media CEO, Kim Kwang Soo is being investigated for stealing funds that should be for the company’s trainees.

On June 25, the Seoul Central District Finance and Taxes Investigation Section 1 has revealed that they currently investigating CEO Kim for allegedly stealing some of the company’s funds, which includes a part of the four billion won (approx.US$3.92 million) from former Hyundai Swiss Savings Bank Chairman Kim Kwang Jin paid into Core Contents Media for the debut and activities of his son, singer Kim Jong Wook.

Prosecutors from Section 1 have revealed to news outlet News 1, “A petition against CEO Kim was submitted and we are currently investigating. Although we cannot reveal the details of the investigation, Kim CEO has not been official accused.” A petition against Kim has been passed last October and the charge written on the petition against Kim was a two billion won in fraud charge. Prosecutors are looking through CEO Kim’s financial records and people who is related to him must be summoned for questioning. Prosecutors will be also summoning CEO Kim Kwang Soo for questioning soon.

Recently in November of last year, Kim Kwang Jin has been indicted for presiding over bad, illegal loans. The prosecution reported that Kim Kwang Jin embezzeled 10.8 billion won from the return on these bad, illegal loans, and had spent four billion of that 10.8 on his son’s musical career. Kim Kwang Jin has been sentenced to four years in prison in his first round of trials for professional negligence, financial misbehavior, and breach of the Mutual Savings Bank act.

TagㆍCore Contents Mediaㆍ t-ara