JYP Entertainment Under Investigation by Financial Authorities

On April 29, MBC’s News Desk reported that JYP Entertainment and Guk Je Yeong Sang are being comprehensively investigated by financial authorities. 

According to reports, engineering company Trigon Korea, of which Yoo Byeong Eon’s oldest son is the largest shareholder, received loans from several companies that received rescue relief funds: 2.9 billion KRW from ‘Credit Union N,’ 1.5 billion KRW from ‘Credit Union H,’ and 1.4 billion KRW from ‘Credit Union I,’ for a total of 5.8 billion KRW (approx. 5.6 million USD).

When suspicions were raised of several hundred million KRW leaking into JYP Entertainment through Yoo Byeong Eon’s (Park Jin Young’s wife’s uncle) younger brother, the Financial Supervisory Service began investigating account activities. Meanwhile, JYP has denied receiving any illegal funds.

(See: Park Jin Young and JYP Entertainment Deny Any Illegal Funding from Sewol Related Persons and Company)

Financial authorities have also begun investigations into Guk Je Yeong Sang, of which TV actor Mr. Jun, Trigon Korea’s largest shareholder, is the chairman. The investigation is in regards to suspicions that a mortgage of two billion KRW (approx. 1.9 million USD) taken out on the Guk Je Yeong Sang building was then routed to the Yoo family’s personal accounts.