You may remember mimiirose as the group that acclaimed singer and actor Lim Chang Jung started and funded by selling a bunch of copyrights and what not. Well, now the quintet have left his company YES IM Entertainment by mutual agreement only like a year and half since their debut.
Fortunately, they will reportedly be continuing on with another company with their former company’s staff.
So what happened, right?
Well, the unspoken thing in this news is that the reason for the change is likely Lim Chang Jung’s current legal trouble with regards to allegations of stock price manipulation. That also includes his stake and money in the company.
He reportedly invested billions of won through individuals suspected to be responsible for the stocks’ volatility.
Im sold a part of his stake in his entertainment agency Yes Im Entertainment for 5 billion won ($3.7 million) of which 3 billion was invested into the investment project in question.
For the project, Im made new securities company accounts — one under his name where he deposited 1.5 billion won, and another under his wife’s name for the remainder.
Im and his wife are also said to have entrusted the alleged stock manipulators with both of their IDs to run their accounts.
For his part, he claims he’s a victim and not a perpetrator.
“I wasn’t aware of the securities stocks they had invested in, but was just glad that they were making a good profit. I don’t know much about stocks, so I didn’t consider it weird when my 3 billion won had grown into 5.8 billion in just a month and a half,” Im said in a press release last week. “I am the victim here, who has suffered losses after investing. I now have around 6 billion won in debt.”
All I’m going to say is if you think that kind of return is normal, you’re either extremely stupid or you were in on it, and things aren’t looking great so far.
But a video showing Im at a party hosted by the chairman of SG Securities Korea and encouraging investment has gone viral, adding to the suspicion that Im was also involved in the stock price manipulation case.
All in all, considering Lim Chang Jung’s power, the group seemed to be getting a promising start by association. However, now it’s more of a blessing that they’re getting away from this mess and getting a fresh start.