Jessica’s Boyfriend & Agency CEO Tyler Kwon Clarifies Reports Of Her Fashion Brand Being Sued Over Unpaid $6.5 Million Loan
Coridel Entertainment CEO Tyler Kwon has officially responded to reports that Jessica’s fashion brand BLANC & ECLARE is facing a lawsuit over an unpaid loan.
On September 28, Tyler Kwon—who is both the CEO of Jessica’s agency and her longtime boyfriend—clarified recent reports by Hong Kong media outlets that BLANC & ECLARE, which Jessica founded in 2014 and is currently operated together by the couple, has been sued by Joy King Enterprises over an unpaid debt of $6.5 million.
Speaking with Korean news outlet MyDaily, Tyler Kwon explained that the situation, which he lamented was “unfair,” had merely arisen due to the loan being transferred to a new creditor.
“The situation is one that can be readily resolved,” he said.
Tyler Kwon also clarified, “This is not Jessica’s personal debt, but a loan made to the corporation [BLANC & ECLARE].” Referring to misleading reports that suggested the loan had been made to Jessica as an individual, he added, “Her character has been defamed.”
According to Tyler Kwon, BLANC & ECLARE initially borrowed $4 million from Spectra SPC, and Spectra SPC transferred that loan to Joy King Enterprises in August. Within one month of the transfer, Joy King Enterprises suddenly demanded that BLANC & ECLARE repay $6.5 million, a figure that includes interest on the loan, in just two weeks.
Tyler Kwon remarked, “After we first received the loan from Spectra SPC in 2016, we diligently paid off the loan for about three years. Then, in 2020, due to the situation with COVID-19, we came to an agreement with Spectra SPC to extend the time period of the loan past what we had initially promised.”
“However, in August, the loan was transferred to Joy King Enterprises,” he continued, “and without our even knowing that the loan had been transferred, Joy King Enterprises suddenly contacted us and said, ‘Repay the loan within two weeks.'”
Tyler Kwon added that even though he explained that BLANC & ECLARE had reached an agreement with Spectra SPC to extend the time period of the loan, Joy King Enterprises continued to insist on the two-week deadline, which ultimately led to a lawsuit.
“Because September includes public holidays, we said that if they simply gave us a bit more time, we would be able to resolve the entire matter, but they insisted that we repay everything in two weeks,” said Tyler Kwon. “Considering the scale of our company, it’s a loan that can easily be repaid, but repaying the entire loan plus interest in just two weeks, right after the transfer of the loan, was too much.”