Lee Jung Jae faces fraud accusations

Korean actor Lee Jung Jae has been accused of fraud.

Kim Dong Rae, the CEO of drama production house RaemongRaein, filed a formal complaint against the Squid Game actor and Park In Gyu, the former CEO of WYSIWYG Studios. He claimed that he transferred his shares to Park and Lee after they promised to use Lee’s connections to secure investments from a U.S. entertainment agency.

Despite their assurances, Kim later alleged that the two attempted to seize control of the company by removing him from his managerial position.

Kim also accused Park and Lee of corporate raiding as they wanted to use RaemongRaein’s funds to acquire Chorokbaem Media.

He claimed, “[Lee] immediately began using Raemong Raein’s 20 billion won in cash to acquire Chorokbaem Media, which was under trading suspension.”

Artist United, majority-owned by Lee, has filed a countersuit against Kim for false accusations and fraud.

They stated that the contract explicitly outlined the transfer of management rights, denying any agreement for joint management. Artist United further denies promising to acquire management companies or secure investments as inducements for Kim to relinquish management rights.

The investigation is still ongoing.

RaemongRaein has produced popular dramas such as My Sassy Girl, Extraordinary You, and Reborn Rich.

Meanwhile, Lee is set to reprise his role as Gi-hun in Squid Games season 2, which will be aired this December. In 2022, he became the first Asian actor to win the outstanding lead actor in a drama series award in 2022. His win was also historic as he was the first to receive the honor for a non-English television show.

He also recently appeared in the Hollywood series, The Acolyte.