Rain says he was investor, not head of J. Tune agency

[ashiva.livejournal.com]

After months of being charged and accused of fraud and embezzlement, singer Rain has finally responded with what looks on the surface to be a thinly disguised attempt to cut all ties from J. Tune Entertainment -- the company he had formed after leaving JYPE Entertainment in 2007.

Rain said in a recent interview with local business daily that his involvement with the company had strictly been as an investor and not the company’s head despite his role as a majority shareholder.

Rain's response to months of charges hurled at him by former investors of his entertainment company is seen by many industry pundits as the singer pulling the "babe in the woods" act in playing dumb.

"Becoming a majority stock holder was not something I wanted. I was simply an investor in the company," Rain said in the interview.

"I don’t know much about the profit structure of a business venture."

Investors claim that his latest response is just a "sly excuse" in what was essentially a "hit and run" job where he pocketed large sums of money far greater than the total revenue the financially-strapped company has generated in the three years it has been in business.

According to investors, Rain initially received some 15 billion won when he signed the contract to act as the head of the company in 2007.

"As expected, he’s just making excuses without taking responsibility for how his actions affected us financially," one of the company’s investors told a sports daily Tuesday.

"(Rain) failed to mention parts of his involvement with the company that would clearly put him at a disadvantage. He has even failed to gather the neccessary documents for the lawsuit he’s been slapped with that may exonerate him from these charges."

The entertainment management and contents company was started up on the back of heavy capital from investors keen on taking advantage of the 30-year-old’s rising status as an international star.

But when the company failed to become a profitable venture -- which included his now defunct clothing line J. Tune Creative -- during the first three years as a publicly-listed company, Rain sold off his majority stake, cutting loose from his involvement which caused the free-fall of the company’s already diminishing stock value.

Since then, investors have filed a law suit against the singer-actor on charges of embezzlement and fraud.

On why he had failed to release an official statement when the charges were made earlier in the year, Rain said he was busy filming his latest television series which is scheduled to air at the end of September on KBS2.

Source: The Korea Herald

Comments

[teukiie.livejournal.com]

like a boss.


sorry /:

[asth77.livejournal.com]

idk, all this sounds complicated ;_;

[dance-afarian.livejournal.com]

Rain, ILU and all, but this seems so fishy. I'd accept it of you were to admit you're just preparing for the army.

[starsinshapes.livejournal.com]

Rain just doesnt give a shit.

[erbalurbal.livejournal.com]

A failure is a failure. I wouldn't want to lose everything I worked hard for just to please others either. Obviously he had a lot more money invested and he had a lot more to lose than them.

[byronsbitch.livejournal.com]

lol it's not as simple as that. There are rules and regulations that need to be followed. I guess we'll see soon enough if he gets into real trouble.

[erbalurbal.livejournal.com]

If he was just someone that owned shares then I don't see how he did anything wrong. I really doubt that he is telling the truth about that but I don't blame him for wanting to get out.

[byronsbitch.livejournal.com]

I don't blame him either. Nobody wants to lose money but if he profited at the expense of these other investors, well then it becomes a bigger issue.

[sayyadina83.livejournal.com]

Valid points getting lost in the *twitch twitch twitching* O.o" #icons

[soheefan.livejournal.com]

i thought so too

[honeebs.livejournal.com]

This is what he's been saying all along, investor was all over every article when he first started, Same with 625. Nobody saw that they see Rain his company.
I mentioned it I'm sure nobody read it.
It's cool everyone wants to hang him anyway he's up too high and he's single handedly did all this, mastermind he is.
A business that counted on one man the main investor to keep it afloat while acting like a huge company.
As for him taking huge profits, yes he was a model, spokensperson and on the creative board for 625, singer, producer and actor under JTune. 2-3 actors represented and one very green boyband, and trainees that will never see the light of day. He clearly was the main client.
-----
He was acting as head, then other investors blame him. He's investing too, main issue. This is why he made sure he got paid, He just moved away from being a puppet he wasn't going let them fuck his for name sake. The entertainment management and contents company was started up on the back of heavy capital from investors keen on taking advantage of the 30-year-old’s rising status as an international star. but that's what they are doing.

TKH or AKP they both report what they want headlines, sometimes leaving out details. He's handle it and he's the one that is getting damaged, stock can recovery he's leaving soon. I'm sure he's delighted everyone is sharpening daggers. Take it court.

[audiograms.livejournal.com]

This so much A+

[byronsbitch.livejournal.com]

Sounds dodgy as fuck Rain.

[nandexdame.livejournal.com]

He is such a mess. So many of the ventures he touches end up failing or having some controversy. Makes it hard for me to like him, tbh.

[luckhoney.livejournal.com]

(http://www.gifsoup.com/view/516723/rain.html)
(http://www.gifsoup.com/)

This sounds fishy to me. '-'

[pivotandsway.livejournal.com]

yikes. I guess we'll just have to wait to see what happens. I hope he didn't do anything wrong.

[saintalecto.livejournal.com]

Rain bb, stop being shady. I can't love you if you're shady. I don't want to lose you. :(

[soheefan.livejournal.com]

So is he not part of J tune agency anymore?
If so, i hope he goes back to JYP. And maybe take MBlaq with him

[fuuism.livejournal.com]

Hyung didn't mean it, etc. I'll wait and see, sounds fishy but it's also too easy to paint him as a scapegoat for now.

[la-geni.livejournal.com]

Wait, wait come again?

You were majority share-holder and not the company's head?

....

But that's what majority share-holder means. Nothing goes by without your approval. Unless he was taking a back seat and letting someone with a business degree actually advice him...

[jyusou.livejournal.com]

My first thoughts exactly.

[lapetite-indigo.livejournal.com]

True

[pynzrz.livejournal.com]

Sorry, but this is completely wrong.

Owners and managers of a company are by definition not the same.

The owners (stockholders) of a company have the right to elect the Board of Directors, who then have say over who the management is.

Yes it is possible for a manager of a company to be a majority stock holder, but they are not the same thing.

Though I do not know whether Rain was part of the company management, the only fact written here is that he was the majority stockholder.

[la-geni.livejournal.com]

I know what it is. In the real world, majority-shareholders pull the strings just like congress does in the gov't. Nothing will be done to potentially piss them off and they are aware of EVERYTHING in the company. He couldn't have been oblivious because that would just make him look stupid.

[pynzrz.livejournal.com]

Just because he is a majority shareholder doesn't mean he does shit. The management of the company could well be embezzling money left and right, raping its trainees, etc. Like I said, it is possible he had a role in the company's management, but this is not a fact stated so far. Your Congress analogy doesn't make much sense though.

And obviously he is being portrayed as stupid here... being seen as stupid is better than being seen as a fraud.

[lapetite-indigo.livejournal.com]

"Becoming a majority stock holder was not something I wanted. I was simply an investor in the company," Rain said in the interview.

"I don’t know much about the profit structure of a business venture."


ilu but this is all kinds of suspicious... majority shareholders usually have voting rights and are deeply involved with what happens to their money. Why not sell your stocks gradually over 3 yrs or immediately dump them at the beginning so you're NOT the majority stockholder?

[desty-chan.livejournal.com]

SOMEONE GET THE NETIZENS UP IN HERE TO INVESTIGATE THIS SHIT

[bababerry.livejournal.com]

but from the very start he never mention himself as the CEO/owner of jtune. mir's brother in law was (whats his name)
i think its kinda similar to JYJ case with cosmetics company in china

above all, my only concern is for mblaq's future

[chockabon.livejournal.com]

WON'T SOMEBODY THINK OF THE CHILDREN MBLAQ?

[bob-dabuilda.livejournal.com]

Isn't this the same company that was once Rainy Ent? You know, Rainy as in named after him? And I could have sworn the J in J. Tune was based on his name as well... O.O

[mistress-shinki.livejournal.com]

Don't understand legal stuff.

Netizens, make it easier for me to understand, please.

[leoprincess.livejournal.com]

Mrew? I don't have a head for business law. Would someone please break this down into Common English for me? Thank you.