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Squid Game fame Lee Jung Jae and ex-WYSIWYG Studios CEO accused of fraud by Reborn Rich's production's CEO; Report
Lee Jung Jae, known for Squid Game, and ex-WYSIWYG Studios CEO Park In-gyu face serious fraud allegations. RaemongRaein's CEO claims they misled him about growing the company and joint management!
In a dramatic twist of events, Lee Jung Jae, renowned for his role in Squid Game, and former WYSIWYG Studios CEO Park In Gyu are facing serious allegations of fraud. According to a report by New Daily on August 10, Kim Dong Rae, CEO of RaemongRaein, the production company behind the hit JTBC drama Reborn Rich, filed a complaint against Lee Jung Jae and Park In Gyu in June at the Seoul Gangnam Police Station.
As per the report, Kim Dong Rae’s legal team alleges that Squid Game star and Park In Gyun misled him with false promises about expanding RaemongRaein into a global powerhouse in drama production. They are accused of making assurances about leveraging Lee Jung Jae’s industry connections to secure significant investments and management deals.
According to Kim Dong Rae’s complaint, Lee Jung Jae and Park In Gyu persuaded him to transfer shares in RaemongRaein under the pretense of joint management and future growth. However, the complainant claims their true intention was to take control of the company and pursue a strategy focused on acquiring another company, Chorokbaem Media, rather than developing RaemongRaein as promised.
The complaint also asserts that Lee and Park engaged in “corporate raiding,” using RaemongRaein’s financial resources to acquire Chorokbaem Media, which was suspended from trading. This alleged move, according to Kim Dong Rae’s side, was a breach of the original agreement, which included a clause for joint management and operational discussions.
Meanwhile, Lee Jung Jae’s team has strongly refuted these claims, arguing that there was no contractual obligation to secure investments or acquire additional management companies. They maintain that the contract was a straightforward transfer of management rights, agreed upon mutually, without any deceit.
Lee Jung Jae’s representatives expressed frustration over the accusations, emphasizing that they had minimal interaction with Kim prior to and following the contract’s signing. In response to the fraud allegations, his side has countersued Kim Dong Rae for false accusations.
The controversy escalated further when Lee Jung Jae’s side sought legal action for damages and requested a shareholders’ meeting, alleging Kim Dong Rae’s refusal to let Lee Jae Jung and actor Jung Woo Sung participate in RaemongRaein’s management. This move led to a deeper dispute over the company’s direction and control.
As the investigation unfolds, the Seoul Gangnam Police Station has completed initial inquiries with Kim Dong Rae and plans to question Lee Jung Jae and Park In Gyu. The case continues to capture public attention, intertwining high-profile personalities with serious legal accusations in a saga that promises more revelations to come.
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