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CCM CEO Kim Kwang Soo Under Investigation for Fraud

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2014.06.25 10:50 Mwave Kim, JiYeon Translation Credit : Grace Danbi Hong

In charge of T-ara and other artists, Core Contents Media CEO, Kim Kwang Soo is under investigation for wrongfully using money received to support prospective singers.

On June 25, the Financial and Tax Crime Department of the Seoul Central District Prosecutor’s Office stated, “Kim Kwang Jin, the former Hyundai Swiss Savings Bank CEO, gave several billion won to use for the promotion of his son, Kim Jong Wook’s singing activities. CEO Kim Kwang Soo is currently under investigation for misusing about 2 billion won.”

CCM CEO Kim Kwang Soo Under Investigation for Fraud

According to the prosecution, an appeal related to Kim Kwang Soo was sent in in October of 2013 and investigations have taken place, including account tracking.

A Core Contents Media staff talked to enews on June 25, saying, “It’s true that he received an investigation, but as it is still going on, we’re careful in saying anything.”

Ahead of this issue, former CEO Kim Kwang Jin was sentenced to four years in prison in the first trial for directing and carrying out the illegal loans of several hundred billion won. Kim Kwang Jin embezzled 10.8 billion won to pay back his own loans. It was revealed around three billion won was used to support his son, Kim Jong Wook’s singing career. Kim Jong Wook paused his singing career to enlist in the army. After being discharged, Kim Jong Wook is currently employed at Hyundai Swiss Savings Bank to receive business administration training.

Photo Credit: Core Contents Media

Core Contents Media 20140625
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