iKon Leader B.I's Dad embroiled in an embezzlement scandal

[asnindie.livejournal.com]

B.I, leader of YG Entertainment‘s rookie boy group iKON, has garnered attention for his father Kim Jung Ju (42 years old)’s embezzlement scandal. Kim Jung Ju, who is also the former CEO of Seunghwa Freetech, has ordered to appearing court for his trial with accusations of embezzling approximately $2.4 million USD worth of funds.

According to Seoul Southern District Court, Kim Jung Ju and Mr. Kang have been arrested for illegal activities as outlined in the Capital Market Act, specifically for illegal political funds, and illegal slush funds. From June to August of 2014, the two have raised $1.81 billion (possible typo) USD funds from the investors by making fraudulent company statements. Additionally, they shared $2.4 million USD for personal expenses.

Currently, police are tracing Mr. Kang as he has gone missing. Seunghwa Freetech stocks have also been temporary halted for any trading.

With the news of Kim Jung Ju’s embezzlement, netizens are showing various responses, with some criticizing B.I for the issue and voicing strong opinions that B.I should depart from iKON. Whilst, some are empathizing and supporting B.I with the unfortunate news surfacing right before iKON’s debut in January 2015.

June 10: SEUNGHWA PRETECH CO. LTD appoints Lee Jae Yeoung as chief executive officer of the company, to replace Kim Jeong Ju, effective June 10.

October 20: Seunghwa Pretech said Monday its former president faces charges for corporate fund embezzlement worth 2.4 billion won, which accounts for 10.7% of the company's equity capital. The Korea Exchange suspended trading of shares in Seunghwa Pretech.  Trade suspension remains effective until the operator determines whether the company should be subject to a review for listing eligibility.

October 28: Kim Jeong Joo (42), former CEO of Seunghwa Pretech, on trial for charges of embezzlement.  With one accomplice, Mr. Kang, charged with false disclosure of funds raking in an investment of 18.1 billion won and embezzling 2.4 billion won from the company.  Article briefly mentions that Kim Jeong Joo is the father of iKON's B.I.

November 8: Scandal blows up on forums such as Pann and Instiz after fans find out Kim Jeong Joo is B.I's father

November 9: New article released about the same information from October on Naver except using B.I's name on the headline. + Article and comments deleted from Naver.

Article: 'Seunghwa Pretech facing charges of embezzlement worth 2.4 billion won'
Source: Money Today via Naver

1. [+100, -2]  He should pay the consequences of his crimes if he has any consideration for his son at all.  B.I's debut is coming up too... what is he supposed to do now

2. [+46, -1]  Wow but if you search up B.I's father, all the comments are either blocked or have disappeared...

3. [+9, 0]  Wow what has B.I done wrong just because of his father... I feel so bad for both him and the victims...

Article: 'iKON B.I's father, former CEO of Seunghwa Pretech, caught on charges of embezzlement worth 2.4 billion won'
Source: Sports Kyung Hyang via Naver

1. [+200, -52]  It's impossible to shield this... this just isn't right... how do you expect the victims to live and see B.I's face on TV

2. [+144, -31]  They scammed 18.1 billion won, got the investment and embezzled 2.4 billion won among that.  Now they're currently on trade suspension which only harms the ones below... Everyone be careful of stock exchanges... this scandal is an example.

3. [+166, -54]  Fans, don't even think about shielding this.

4. [+148, -49]  Wow..... from the looks of it, Yang Hongseok has escaped a sinking ship ㅋㅋㅋㅋㅋㅋㅋㅋ

5. [+105, -16]  I'm a fan of B.I but it's impossible to shield this.  Just don't... you'll understand if you think of it from their perspective.

6. [+114, -44]  There's been so many controversies with iKON even before their debut so I feel like it'll be difficult for them.  They were already getting heat from the public for Mix & Match being such a biased program... and now a scandal from their leader's father... they can't even dream of being the second Big Bang with this kind of image...

7. [+79, -18]  Before you think of the assailant's son, isn't the proper thing to do to think of the victims and their families first?  I can't believe the fans who are coming out here worrying about B.I first.

8. [+71, -14]  This should be up on the main page of Naver.

Source: YG Press, TopstarNews, Koreaboo


Mess. I hope he goes to jail for this. Really sad for B.I but I think it's a sensitive issue as those who's been embezzled are the real victims here. 

Comments

[tokyocinema.livejournal.com]

I feel so horrible for B.I. for being attacked by k-netz just for being his son,
but I feel ever worse for the victims. I hope justice is served for the victims and they can manage to get back on their feet.

[babyonions.livejournal.com]

I feel bad for Hanbin, but he'll live, netizens will forget soon, just like with other YG scandals (except Bom, they'll never let her breath smh)
I hope his dad ends up in jail, this is terrible

[honeebs.livejournal.com]

ughhh that really sucks 2.4 mil (us$) damn that is some srs shit.
He better not leave, hope he can be strong against asshole netizens

[happydirections.livejournal.com]

seriously, a lot of these netizens comments are getting under my skin. i usually just ignore them but some of them are just outright STUPID.

"They were already getting heat from the public for Mix & Match being such a biased program..." i'm sorry but whose fault was that? surely none of the boys'. and what has that to do with ANYTHING??

i get that people are talking about hanbin because he is 'the son of' but the real problem here is that these two men did something terrible and hurt a lot op people in the process. i feel terrible for the victims. hopefully both men get put in jail for what they've done.

[tempestdance.livejournal.com]

see, it sucks that b.i's getting the flak for just being his son, and it might seem like it's unfair to b.i's dream as a singer could be jeopardized (but it won't) for his dad's crime but hundreds of children whose parents are the victims of the crime may have just lost their dream because of b.i's dad. isn't it more tragic for them than b.i., who indirectly benefited from his dad's embezzlement (regardless of whether he knew or not)?

there was a controversial sbs program awhile ago, called song for you, and they basically took kids who were ex-bullies and iljins and trained them for a singing competition and filmed a documentary based on them. it created a huge uproar because these bullies get to go on national television and give their sob stories and justifying what they have done, or confess how terrible they feel about it, while the victims are still struggling within their homes just to live a normal life again.

b.i. didn't do anything wrong, but he's still a reminder for those victims and the public that criminals and their families will be just fine, while the victims are gonna spend years in hardships, some killing themselves and many families broken apart. embezzlement and fraud are worst type of crimes - they kill hundreds of people without shedding blood themselves.

knowing yg nothing's gonna happen to b.i., he's gonna debut just fine and he's still gonna have many young fans who won't understand the gravity of the situation and won't have a single clue what it likes to be a victim of fraud in countries like korea where they're ever so forgiving of the criminals. b.i.'s dad's gonna be in prison for couple years (or bail himself out) and pay some fine, and go on living his life as per usual, having his luxury vacations with his family.

it's terrible.

[yunhalove.livejournal.com]

exactly. people need to realize this is why netizens are mad. embezzlement and fraud are big issues in korea, and i know of families that have been broken apart completely because of it. so many sons and daughters have probably lost their dreams because of b.i's dad, it makes sense that the parents wouldn't want to see b.i on tv as the epitome of success in a popular boy group and have their own troubles gradually fade away as a result/get covered up by yg's mediaplay.

[krisooh.livejournal.com]

Damn, I feel terrible for B.i. He just keeps getting trampled on. But like everything he went through in the past, this too will pass. But honestly. his father is a damn idiot. I get the times are rough & he has a family to secure, but shit, he really did not think about his family & what it would do to them. B.I hasn't even officially debuted yet! Doubt this would stop them from debuting anyways, YG is pretty good at handling scandals.

Yes, his father needs to be held accountable. But, B.I? Nuh-uh, netizens can suck a dick. & even if B.I knew that his father was in this kind of mess, what's he going to do? Stop his father? Lol, no that's not how shit happens. Really. Netizens don't know shit.

But for the victims, I really do hope everything turns out fine, and they get the justice they deserve. They don't deserve this mess.

[ashyvt.livejournal.com]

those poor people :( I hope Hanbin's father gets what he deserves.
I do feel sorry for Hanbin though, he's been dealing with so much these past few months.

[ggumd.livejournal.com]

I understand how the victims and their families would feel but to sit there and blame b.i for something his shitty father did is not fair, it's not like he was his dads partner in crime or something, to sit and blame b.i along with his criminal father is illogical they need to direct their anger to his dad

[hanakimmie.livejournal.com]

I'm a bit confused-who is deleting comments/searches regarding this and why?

[ggumd.livejournal.com]

YG so this can be swept under the rug

[ironicmustache.livejournal.com]

yg doesn't need to kick him out or anything, but they should probably clarify that he wears their sponsored clothes, living in their dorms for free (if this is the case), etc so maybe people will lay off some. because people SHOULD be angry if bi is actually profiting off the loss of innocent others, but he shouldn't be guilty by association.

[kjc48.livejournal.com]

I don't know where this idea of "EVERYTHING IS SPONSORED" came from, but a lot of idols still wear personal clothes. Not all the expensive stuff is company provided. Rich idols like CL, PO, Siwon, that ex-Apink member, etc. get their own shit with their own (parents') money. This is one of the reasons why someone in a group is wearing Chanel while other members are wearing Stylenanda. Unless you have a fashionista~ concept or your the A-list (thus you can again buy your own stuff) the company and fans won't be spending hundreds of thousands on designer stuff.

[waves-of-light.livejournal.com]

I don't follow him, so I think this is the first time I've really taken a good look at him. He looks like an ex of mine and he's the reason I can't easy Thai food anymore.

[tempestdance.livejournal.com]

lulz idk why but this just made me snort on water

[tempestdance.livejournal.com]

speaking of lovelyz, did anyone read woolim's official statement/plead to the potential victims on twitter?

"Show up. We plead of you. Do not use the excuse of being a sexual minority and that it's hard for you to reveal your identity in order to paint yourself as a victim. If you're truly honest/honorable show yourself to the police for investigations. This involves a life of a young girl."

did that throw off anyone else? like we don't know if this is real or rumor or not but it sounds so insensitive and dumb to be like, "don't use your sexuality as an excuse, reveal yourself and come out of the closet!"

[merylsteep.livejournal.com]

Greed destroys everything. Sick.

Idk how it works in Korea but I hope the victims and their families will be given appropriate restitution like immediately.
As for BI, I know YG will hold on to him and his group members will stay loyal to him. I hope his backbone is as strong as his passion and ambition for music because this is something that will shadow his entire career/future in the industry.

[gray-fairy.livejournal.com]

I understand the victims' feelings but it's not the kid's fault. I bet he already feels like shit so these mean and unfair comments probably make him feel even worse.

[leighbee333.livejournal.com]

2014

[modestgoddess79.livejournal.com]

the Princess Bride!

[modestgoddess79.livejournal.com]

B.I is not the victim here.

[maishi-obuki.livejournal.com]

some people are trashing him because he is the son of the embezzler

[canxi.livejournal.com]

I never even knew he had anything to do with his dad anymore. I thought his parents were separated and it was just him, his mom, and his baby sister.

Still, it's all terrible and there are so many people affected by this...I can't imagine at all.

[thariamon.livejournal.com]

I feel sorry for the victims and also for B.I, why should he pay for his dad's crimes, he's working hard on his own thing and it's just awful that this comes right before his debut... YG is doing nothing good for his image acting like this, but well... really hope this works out for the better u_u

[digitalqueen.livejournal.com]

i really cant at people being worried about bi's well being, he's going to be ok. he will debut and continue being succeesful and will make a ton of money. he will continue having the support of his fans through everything.

what his dad did is not his fault, but whether he knew it or not, he still benefited from it. saying that some of the expensive clothes he wears are sponsored is irrelevant, do people really think his father bought him nothing? gave him no money?

finding out that your father did something like this must be horrible, but its in no way comparable to what the victims went and are still going through, to losing all your life's work, to seeing your family break apart, to, maybe, even losing one of your parents as a consequence to this.

so yeah, im not really seeing how bi is another victim or why i should care about the backlash he's getting.

[miamaimi.livejournal.com]

+1

[dot-rose.livejournal.com]

My initial thoughts: B.I was not part of the embezzlement thus he shouldn't be involved in the blame as his only connection to the fraud is through blood, his father.

I do understand that there are many victims involved with embezzlement. But B.I will not become an example of people having a wonderful and successful life regardless that they have committed a crime.
This is DIFFERENT from the Bullying-Singing show incident because the Bullies DID THE CRIME, they were the ones who did the actions of hurting someone. They are DIRECTLY involved in the incident.

B.I is not directly involved. I hate how blood relations can result in someone getting slander.

Will the son of a murderer face the same hate as his father although he had nothing or any knowledge of it?
Rationally: No, he shouldn't.
But in the real world: Yes. The son and his family will be shun and overshadowed by what the father has done. People will look at him and their families as though the entire family are full of murderers.

[donutism.livejournal.com]

Hopefully he comes out of this ok, its his father not him.

[hipployta.livejournal.com]

People are being way too simple about this

As human beings you are capable of feeling multiple emotions at once. So you can A) Feel bad for the victims*, B) Feel bad for Hanbin, his Mom, and Sister, and C) Want Hanbin's Dad to go to jail for his crime all at the same time.

You can ALSO not shame people for feeling how they feel about Hanbin. The kid turned 18 less than two weeks ago.

Also anyone trying to compare Han Hyo Joo are forgetting key facts about her direct invovlement in the cover up of that death that is currently ongoing and, honestly, will not be resolved

The most annoying thing is this was clearly turned into click bait by putting Hanbin's name in title after the initial news release in October. It's good iKON is leaving the country for awhile.

What's interesting is the comments with high upvotes are acknowledging both sides of the situation and his innocence. Some compare it to Lee Ji Ah's situation, which makes much more sense to me than Han Hyo Joo, because they are both being held accountable for the actions of family members unfairly

*Actual victims being people who were damanged and not the stopped trading. He raised $18M USD and embezzled $2.4M so the company has the rest of the money and there are only 55 employees so I'm curious how they got those investments. As someone who invests I hope this isn't one of those "I invested my life savings" situations because I can never comprehend why people do that. Only invest what you can afford to lose

[150daysoffall.livejournal.com]

+1

[hellodee16.livejournal.com]

IA with OP's comment.

[kiki3291.livejournal.com]

Oh wow, all those families... I feel horrible for them. :/

I know fans will say he will move on from this and so will everyone, but I honestly doubt that. It's one thing when it's a scandal like Bom's or GD's where they are the only ones affected, but embezzlement is such a huge thing in S. Korea and can affect hundreds-thousands of families that I don't think they will ever forget this. It's not something YG can quickly make the public forget either. I'll be honest, they shouldn't forget either (not that B.I. has anything to do with this unless he lived off that money, but his father's crimes should not be forgotten).

[921227.livejournal.com]

Wow, damn.

I don't really have much to say on this, because I don't know much about embezzling, but the main things to take from this are: 1) Mr Kim & Kang are the responsible people and the people that should get the blame (+ anyone else on it) 2) the direct victims of the embezzlement AND indirect victims (BI, his mom and baby sis as well as Kang's family) are both to feel bad for because, from what I've read/know about SK, the whole 'sins of the father' thing is still pretty powerful