Lim Chang-jung: "Ra Deok-yeon is a religion"... Park Hye-kyung clapped and sang

Im Chang-jung Photo by Yonhap News

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Regarding the stock price crash incident involving the foreign securities firm Soci?t? G?n?rale (SG) Securities, singer Lim Chang-jung, who defined himself as a victim, was caught referring to Ra Deok-yeon, CEO of H Investment Advisory, as a ‘religion’ in front of investors.

On the 1st, JTBC released footage filmed at an investor meeting held by a golf company involved in the stock manipulation case last December. In the video, Lim Chang-jung holds a microphone in front of the audience and refers to Ra Deok-yeon, suspected to be the mastermind of the stock manipulation group, saying, “(But) I still entrust my money to that XX. It’s like a religion.”

He also said, “You’re doing well. Because that XX who took my money is amazing. Right, isn’t it?” Investors responded with “Hallelujah, we believe.”

Lim Chang-jung further addressed CEO Ra, saying, “I’ll give you exactly one month until the end of next month. If you don’t give me the returns I want, I will disband all of this. You XXX. Right, isn’t it?” encouraging a responsive atmosphere. He added, “Be great! This is how a religion is born.”

[Photo by JTBC News Screen Capture]

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At the meeting, singer Park Hye-kyung, known to have entrusted money to the stock manipulation group, was also present. Park Hye-kyung reportedly clapped and sang while watching Lim Chang-jung and CEO Ra.

Previously, Lim Chang-jung and Park Hye-kyung claimed they were victims of the operation group. Lim stated that he invested 1.5 billion won each through bank accounts under his and his wife’s names but ultimately lost all the principal and incurred 6 billion won in debt. Park Hye-kyung revealed that she suffered losses after proxy investing about 140 million won during her agency contract process.

Regarding the newly released video, Lim Chang-jung’s side explained to JTBC, “It is true that some statements that could be misunderstood were made to suit the atmosphere of the meeting at the time, but we did not encourage investment.” Park Hye-kyung’s side said, “She attended the meeting under those conditions when changing agencies.”

[Photo by JTBC News Screen Capture]

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Meanwhile, evidence has emerged that Lim Chang-jung was in partnership with the stock manipulation group. According to the corporate registry of the entertainment company established by Lim Chang-jung and CEO Ra, Lim Chang-jung’s wife Seo Ha-yan and stock manipulation-related individuals are registered as inside directors.

A source from the stock manipulation group told JTBC, “Lim Chang-jung came in person and explained, ‘If we settle with the fees for affiliated entertainers’ appearances, we might face a tax audit later, so it’s better to settle through neighboring rights or similar.’” This means Lim suggested receiving commissions through neighboring rights to avoid the risk of a tax audit.

In response, Lim Chang-jung’s side denied, saying, “The claim that he proposed commission settlement is not true.” A representative from the agency told Star News, “(Regarding the partnership controversy with the stock manipulation group) it was reported with incorrect information,” adding, “We are currently considering a strong response.”

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