Previously a member of the musical ensemble Sugar, Hwang Jung-eum finds herself embroiled in accusations of misusing corporate funds to the tune of approximately 4.3 billion won. These charges carry the weight of a potential 3-year imprisonment looming over her.
On the 21st, the legal sphere was abuzz as reports emerged from the Jeju District Prosecutors' Office. They have called for a 3-year sentence in Hwang's concluding trial. The proceedings, anchored on breaches related to the Act on the Aggravated Punishment of Specific Economic Crimes, particularly embezzlement, were presided over by Judge Lim Jae-nam in the Criminal Division 2 of the Jeju District Court.
The case against Hwang involves accusations of diverting around 4.34 billion won from her company's coffers. This includes some 700 million won obtained through loans taken by her agency, Hunminjeongeum Entertainment. These funds were purportedly channeled into cryptocurrency ventures disguised as advance payments at the onset of 2022.
Reports further detail that Hwang funneled nearly 4.2 billion won from the embezzled funds into cryptocurrency pursuits. The remaining portion of the funds was allocated towards settling property and local taxes, among various other expenses.
The agency implicated in this financial debacle is a family-run establishment where Hwang is the sole shareholder. She also stands as the only artist managed under its umbrella.
In the face of these allegations, Hwang has confessed to the charges levied against her. By June 5, she had reportedly reimbursed the funds classified as advance payments from Hunminjeongeum Entertainment. The documentation supporting this repayment has been duly submitted to the Jeju District Court.
In an earnest appeal for mercy, Hwang's legal team has argued, "The defendant's intentions were to expand the company's prospects through her investments. Her lack of foresight in accounting practices and procedural nuances led her to believe that rectifying the financial discrepancies would be sufficient. Since there are no other victims involved and the full amount has been restituted, we urge the court for leniency."
The final chapter in Hwang's legal saga is set to unfold at a sentencing hearing scheduled for 10 a.m. on the 25th of the next month.