Hwang Jung-eum Faces financial and Legal Battles Amid Divorce
SEOUL – May 9, 2024 – South Korean actress Hwang Jung-eum is embroiled in a complex legal predicament. The prominent actress is navigating a contentious divorce, a real estate seizure, and an embezzlement case.The primary controversy involves accusations of embezzling funds from a family corporation and subsequent investments in cryptocurrency. For a detailed understanding of the events, read further.
Hwang Jung-eum Faces Financial and Legal Battles Amid Divorce
South Korean actress Hwang Jung-eum is navigating a complex legal landscape, facing both divorce proceedings and accusations of financial misconduct. The actress, currently in divorce litigation with her husband, a professional golfer turned executive, has had property seized and is embroiled in a separate embezzlement case.
Real Estate Seizure amid Divorce
during the divorce litigation, Hwang Jung-eum faced a real estate seizure valued at approximately ₩1.8 billion (Korean won) due to actions taken by her husband. Her agency, Wi-1 Entertainment, confirmed the pressure Hwang is under, stating, Hwang Jung-eum has been pressurized in the process of divorce litigation.
Did You Know?
Real estate seizures in South Korea can occur when a creditor seeks to recover debts by legally claiming a debtor’s property. This prevents the debtor from selling or leasing the property without court approval.
On March 27, a steel shop sales company owned by Lee filed a lawsuit against Hwang in the Seoul Western District Court, seeking ₩157 million. Afterward, the company pursued a real estate seizure, which the court approved on March 30, impacting two urban living houses in Seongnae-dong, Gangdong-gu, Seoul. This action restricts Hwang from freely leasing or selling the property.
Details of the Property and Loans
Hwang purchased the properties in May 2013 for ₩1.87 billion. Reports indicate that she borrowed funds from Lee’s company after their marriage in 2016. Additionally,another creditor,identified only as A,reportedly has a claim of ₩100 million against the same real estate.
Embezzlement Accusations and Cryptocurrency Investment
In a separate legal matter, hwang is accused of embezzling ₩4.3 billion from a family corporation and investing a meaningful portion in cryptocurrency. The 2nd Criminal Division of the Jeju District Court, presided over by judge Jae-Nam Lim, held the first trial for this case, which involves violations of laws concerning specific economic crimes.
Pro Tip: understanding Economic Crime Laws
Laws concerning specific economic crimes are designed to prevent and punish large-scale financial offenses, such as embezzlement, fraud, and breach of trust, which can have significant impacts on businesses and the economy.
The prosecution alleges that Hwang embezzled approximately ₩4.43 billion from a family corporation, of which she owned 100% stake in 2022. It is indeed further alleged that she invested around ₩4.2 billion in cryptocurrency.
Hwang’s Admission and Defense
During the first trial, Hwang admitted to the charges. She explained her actions, stating, The defendant has invested in coins because of the idea of growing the company.
She further argued that most of the agencies’ profits were caused by the defendant’s entertainment activities, and ultimately, there is a situation that belongs to the accused.
Hwang requested time to repay the damages, which the court granted. The second trial is scheduled for August.
