CEO Of Drama Production Company Disappears With Funds From Investors
The CEO of the drama production company The Wind That Carries Wishes, which produced “That Winter, The Wind Blows,” has disappeared with billions of won from various investors.
According to Sports Kyunghyang on January 16, the CEO (hereafter referred to as “A”) has disappeared after taking investments for a new drama from not only large-scale entertainment companies but also small-scale agencies and individuals. The amount lost is estimated to be between 4 to 5 billion won (approximately $3.6 to $4.5 million).
“A” first planned the cable channel OCN’s “Blue Eyes” starring Nana and Jang Ki Yong, and in the process of handing over the project to another production company due to the funding situation, he took anywhere between tens of thousands of won to more than 1 billion won (approximately $892,700) by proposing casting or investment to various investors. Furthermore, it was reported to a police station that he accepted an investment of 700 million won (approximately $624,900) from a businessman that was unfamiliar with the entertainment industry.
The victims came together to say that they could not help but believe “A” at the time because he had the title of the CEO of a drama production company belonging to a large entertainment management company.
Among the victims, The Groove Entertainment, which produces drama OSTs and artist albums, sued “A” on charges for fraud at Gangnam Police Station on January 15.
The Groove is claiming to have lost 230 million won (approximately $205,300). According to The Groove, they made a contract with “A,” who was simultaneously in charge of The Wind That Carries Wishes and its smaller company (hereafter referred to as company “B”), to produce a drama OST for a drama that was expected to broadcast in 2018, and they made an advance payment of 100 million won (approximately $89,300), but the right to that has not yet been recognized. After leaving Company “B” in December, “A” has been unable to be contacted.
The Groove also signed a contract to co-produce the drama on the condition that the company The Wind That Carries Wishes repays the funds one month later, but they did not receive more than half of that payment. The Groove claimed, “‘A’ claimed to be concerned for the filming schedule as the contract for the drama produced by Company ‘B’ got delayed and offered to become co-producers with the condition of reimbursement, so last September we signed a contract and invested 250 million won (approximately $223,500).” Afterwards, The Groove claimed that “A” returned the funds 10 million won (approximately $8,900) or 20 million won ($17,900) at a time, but eventually that stopped, and he has not been able to be contacted since December 19.
“A” has been dismissed as the CEO of the drama production company The Wind That Carries Wishes, which is famous for having produced “That Winter, The Wind Blows” as well as “Scarlet Heart: Goryeo” and “Love Alert.”