Squid Game Star Lee Jung-jae Accused Of Trying To Take Over Korean Drama Company

Squid Game star Lee Jung-jae is facing serious allegations by RaemongRaein, the company behind popular dramas like Sungkyunkwan Scandal, Maestra and Reborn Rich. Kim Dong-rae, CEO of RaemongRaein, has claimed that Lee’s company, Artist United and Park In-gyu, the former CEO of WYSIWYG Studios, misled him with false promises. They allegedly assured Kim that Lee’s industry connections would bring big investments and management changes to RaemongRaein. Instead, Kim alleged that Lee and Park wanted to take over the company, replace him as CEO and overtake the entire board. This conflict intensified after RaemongRaein opposed Artist United’s plan to buy another firm.

As per Korea Times, Kim, in a statement, said, “Contrary to our initial discussions before the investment, I learned that Artist United used Raemongraein’s funds to acquire a suspended entertainment company. This move by (Lee and Artist United), just three months after becoming the largest shareholder, appears to be an attempt to use Raemongraein’s cash assets as a shell to acquire another company.”

“I partnered with Artist United believing that Raemongraein could achieve global expansion through Lee Jung-jae’s network and capital. However, Lee has never visited the company or presented any vision for its management. We cannot let Raemongraein become a victim of forces attempting to seize management rights through deceptive methods. I call on Lee Jung-jae and the other investors to stop these unjust attempts and engage in sincere and reasonable discussions for the growth and development of Raemongraein,” Kim Dong-rae added.

Kim Dong-rae filed a complaint against Lee Jung-jae at the Seoul Gangnam Police Station for violating the Act on the Aggravated Punishment of Specific Economic Crimes (Fraud). Following this, Artist United’s lawyer told the news portal that Kim had not followed the investors’ demands. They claimed that the CEO has also blocked calls for a special meeting, which would have allowed investors to take part in the company’s management decisions.

Meanwhile, according to NME reports, Artist United became the largest shareholder of RaemongRaein this March by acquiring 18.44% of the company’s shares. On the other hand, Lee, who holds the biggest stake in Artist United with 23.49%, also owns 5.12% of RaemongRaein.

Lee Jung-jae, who became a global star after the release of Netflix’ hit show, Squid Game, is set to return in the second season scheduled to release on December 26. The actor recently appeared in Disney Plus series Star Wars: The Acolyte.