Cha Ga-won, CEO of One Hundred Label, charged with fraud involving approximately 30 billion won, denies all allegations at first hearing [Star On-Site]

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Cha Ga-won, Chairman of Piak Group and CEO of the entertainment agency One Hundred Label, who was indicted in custody on charges of fraud involving approximately 30 billion won,

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

On this day, a lawyer for Cha (CEO) stated regarding the charges, “We deny all facts alleged in the indictment.”

However, noting that time is needed to review relevant records and specific details, they decided to submit their opinion on evidence at the next hearing.

Previously, the Tax Crime Investigation Division of the Seoul Central District Prosecutors’ Office indicted Cha (CEO) in custody on August 25, and the Financial Crime Investigation Team of the Major Investigation Division of the National Police Agency transferred Cha (CEO) to the Prosecutors’ Office in custody on the 7th of the same month.

Cha (CEO) is suspected of proposing a business utilizing the intellectual property (IP) of artists under his company to Knowmerce Inc., 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 was 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, claiming 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.

It is also known that Cha (CEO) filed a lawsuit demanding the return of a loan amounting to 12 billion won against MC Mong, who left the company after conflicts.

Meanwhile, the next hearing for Cha (CEO) will be held on November 3.

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*This content was translated by AI.View Original