BREAKING: Polaris Entertainment raided by police and CEO arrested

[bunica1990.livejournal.com]

Polaris Entertainment been raided by the Korean government and IRS, resulting in executives from the company including President Lee Gyu Tae being arrested.

On the morning of March 11th, the parent company that owns Polaris Entertainment, Ilkwang Group, was raided along with ten of their offices. The President’s home was also searched by the Korean government and IRS. This is the same executive that was involved in the massive scandal involving model and singer, Clara.



Ilkwang Group is a manufacturing company that is involved in government contracts for South Korea, including the Korean military, airfare and navy. The company also owns multiple subsidiaries involved in all sides of business, such as Polaris Entertainment.

The government was revealed to have confiscated sensitive documents and hard drives in order to build a case against the company for embezzlement. The company is being accused of over charging the military drastically for their services, specifically the “EWTS” program.
The EWTS is a training apparatus used for pilots to help them get used to frequency disturbances in case of war to better enable the chance of their survival.

Rumors are emerging that Polaris Entertainment was also shutdown, however, no Korean media have reported this as fact as of yet.

This puts artist Iron in a bind, as he was set to debut under Polaris Entertainment as early as next week.



Source: TV Report and Koreaboo

I have no idea how to tag this, sorry.

Comments

[benihime99.livejournal.com]

I don't care about those fools but please take care of my baby girls,.
I hope they're at home with their families

[velvetpocket.livejournal.com]

my exact thought, I need Ladies' Code to be okay, I don't want them having any of this shit in their lives..

[senshicalico.livejournal.com]

right? my first thought. girls can't catch a break.

[ginger-star.livejournal.com]

Same ;___;

[pikapika217.livejournal.com]

HONESTLY THIS

[ohlookshiny.livejournal.com]

holy shit idk what to say

[leighbee333.livejournal.com]

[nekosogi.livejournal.com]

I hope the artists are fine. What's gonna happen with them? Like they're just on "pause" until shit gets solved? ._.

[aki-san.livejournal.com]

Iron :( :( :(

[benihime99.livejournal.com]

OMG I forgot about him

[jjang-intae.livejournal.com]

What...I wonder what's going to become of Hunchul's debut...I hope Ladies Code is fine too :(

[atopworld.livejournal.com]

Oh shit.

[leopolitan.livejournal.com]

clara is cackling somewhere

[hyungmoney.livejournal.com]

lol that was my first thought

[love-keiko.livejournal.com]

WOW...

WOOOOOOOOOOOOOOOOOW.

like...what does one even SAY to that? literally of all the things that did NOT need to happen to this company.

omg ladies' code and iron tho...

[sand-nicky.livejournal.com]

Shit just got real indeed.

[kyokomurasaki.livejournal.com]

I'm wondering how much Polaris will suffer from this since it seems like it's the parent company that was suspected of embezzlement and not Polaris directly? Though if it comes out that the CEO knew of it or was involved somehow...

goddammit i just wanted Iron to debut is that so much to ask

[aki-san.livejournal.com]

IDK, I've read that everyone in the Polaris building was asked to leave, I guess so officials could search it. Certainly wouldn't be the first time an entertainment company has been used as a shell for covering up sketchy finances.

[magicpineapple.livejournal.com]

Ruh roh.

[mjspice.livejournal.com]

Lawd......

[goshipgurl.livejournal.com]

/takes ladies code
/wraps them in bubble wrap
/sends them to a safe place with ponys and cats and bunnys and ice cream and sweets

[iigoru.livejournal.com]

same

[magicpineapple.livejournal.com]

poor bb's, my heart breaks for them =\

[jessicamariek.livejournal.com]

Same, omg. Poor baby girls can't catch a damn break. ♥

[pikapika217.livejournal.com]

IKR

[antrea.livejournal.com]

;;;;;;;;

[cosmopudin.livejournal.com]

[greenmoon666.livejournal.com]

you made my day :)

[cosmopudin.livejournal.com]

welcome
(http://imgur.com/olMOjz5)

[iftheshoefits88.livejournal.com]

all i wish for is that this doesnt get in the way of ladies code's continuing recovery.

[senshicalico.livejournal.com]

=\

[juhli.livejournal.com]

This makes me think about a podcast where a Korean (SM) songwriter /singer said that most entertainment companies are owned by gangsters.

[platformfire.livejournal.com]

is that true?

[slowitdownbaby.livejournal.com]

I remember reading the same thing somewhere but it was about china/chinese media.

[hyungmoney.livejournal.com]

i'd believe it

[dreamerbri.livejournal.com]

i've wondered the same thing. it seems true.

[hipployta.livejournal.com]

Clara like, "YAASS"

[evilvalenstrife.livejournal.com]

Ugh, don't remind me of her gross ass...

[evilvalenstrife.livejournal.com]

Wow.... I really hope that Ladies Code and Iron will be alright. This is a really shitty time for any of this.

[gathyou.livejournal.com]

I'm confused, I don't think I understood everything
I hope the artists and innocent staffs are okay. They don't have anything to do with this :(

[bunica1990.livejournal.com]

Polaris is a part of a bigger company (that I'm assuming manages different businesses). The bigger company is involved in embezzlement, so all the other businesses they manage are in the same boat.

[gathyou.livejournal.com]

Aaaaah. Yes, it makes sense like that. Thank you !

[bunica1990.livejournal.com]

Poor Ladies Code, Iron (and the other artists signed to them). This is unfortunate timing.

Clara must be cackling somewhere in Hong Kong (or wherever she's hiding now).

[burqaswag.livejournal.com]

Clara wins again!

[audiograms.livejournal.com]

Polaris can't catch a break, I hope someone is looking out for all their artists

[petecarl.livejournal.com]

I feel bad for the artists, but I hope that the CEOs and other upper mgmt get everything that's coming for them.

[suxaholic.livejournal.com]

the difference in power between a nugu company and SM

[pikapika217.livejournal.com]

#SaveMyDaughters

[supersunshiner.livejournal.com]

my girls better not be touched through this whole ordeal
they've been through alot they need lots of hugs and love