Cha Ga-won, CEO of One Hundred Label, Faces First Trial Today (the 13th) Over Alleged 30 Billion Won Fraud [Star Issue]

*This content was translated by AI.View Original

A trial will be held for Cha Ga-won, Chairman of Piak Group and CEO of entertainment agency One Hundred Label, who was arrested and indicted on charges of fraud involving approximately 30 billion won.

On the morning of the 13th, Criminal Division 23 (Presiding Judge Oh Se-yong) of the Seoul Central District Court will hold the first trial date for Cha Ga-won’s case regarding violations of the Act on Aggravated Punishment of Specific Economic Crimes (fraud).

Previously, the Tax Crime Investigation Division of the Seoul Central Prosecution Service arrested and indicted Cha (CEO) on August 25, and the Financial Crime Investigation Team of the Major Investigation Division at the National Police Agency transferred Cha (CEO) to the Prosecution Service for arrest on the 7th of the same month.

Cha (CEO) is suspected of proposing a business leveraging the intellectual property (IP) of artists under his agency to Knowmerce Co., Ltd., signing a contract, and receiving an advance payment of 24.2 billion won, but failing to actually carry out the business. The scale of the damage is reported to be approximately 30 billion won.

Additionally, he is suspected of promising to sign mutual full-term lease agreements on houses owned by himself and acquaintances, receiving a deposit of 5.4 billion won, but failing to fulfill the contract himself. However, Cha (CEO)’s side denied the charges, stating that the allegations were part of a hostile mergers and acquisitions (M&A) plot against One Hundred Label.

Cha (CEO), who is a former chairman of real estate development company Piak Group, co-founded One Hundred Label with singer MC Mong in 2023. Artists under his agency included The Boyz, Lee Seung-gi, Lee Mu-jin, VIVIZ, and EXO-CBX, but they filed successive lawsuits, including termination of exclusive contracts, due to issues with unpaid settlement funds.

Furthermore, it is known that Cha (CEO) filed a lawsuit demanding the return of 12 billion won in loans against MC Mong, who left the company after conflicts.

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*This content was translated by AI.View Original