Jang Hang-jun's Side: "Unrelated to Kakao's High-Price Acquisition Suspicion... Only a Simple Witness Investigation"

"Not Investigated by Prosecutors Due to Suspicion"

Director Jang Hang-jun, who was questioned by the prosecution regarding suspicions of Kakao Entertainment's overpayment in acquiring a drama production company, stated that he was "simply questioned as a witness" and denied any connection to the allegations.

Director Jang Hang-jun. Photo by Korea Arts Council

On the 7th, his agency Media Lab Siso said, "Director Jang Hang-jun recently underwent a simple witness investigation," and added, "We want to clarify that he was not questioned due to any suspicion."

They continued, "Director Jang Hang-jun only served as a director at Baram Pictures until 2019 and currently holds no equity stake," emphasizing, "We reiterate that he is unrelated to the suspicions regarding Kakao Entertainment's overpayment in the acquisition."

Recently, the Financial Investigation Division 1 of the Seoul Southern District Prosecutors' Office (Chief Prosecutor Kwon Chan-hyuk) summoned Director Jang as a witness to investigate the suspicions surrounding Kakao Entertainment's overpayment in acquiring the drama production company.

Kakao is suspected of purchasing the drama production company Baram Pictures in 2020 at an excessively high price of 20 billion KRW, which was above the company's actual value at the time. The prosecution believes that Kim Sung-soo, CEO of Kakao Entertainment, and Lee Junho, head of the investment strategy division, conspired to benefit Lee's wife, actress Yoon Jeong-hee, who invested in Baram Pictures, by acquiring a company that had been operating at a loss for years at an inflated price to generate capital gains.

Director Jang served as a director at Baram Pictures from 2017 to 2019, and his wife, writer Kim Eun-hee, was also an early shareholder in Baram Pictures and had signed a script contract with the company.

This content was produced with the assistance of AI translation services.