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Posted by germainej AKP STAFF Friday, May 10, 2019

Fantagio responds to concerns after CEO arrested in China

AKP STAFF

Fantagio has released a response after the label's CEO was arrested in China for fraud.

In 2017, Chinese investment group JC Group let go of Fantagio's co-CEO Na Byung Jun, and Wei Jie became the agency's sole CEO. On April 29, Chinese media outlets reported Wei Jie and over 30 high-ranking officials were arrested due to allegations of JC Group illegally obtaining funds through a public-private partnership, which was intended by Chinese provincial governments to modernize the countryside. JC Group is said to have eased the process with local governments to develop local economies by building special villages across the country. 

However, the public security bureau has now arrested Wei Jie and more than 30 others, and JC Group has been suspended and bankrupted. If found guilty of financial fraud, they may receive a maximum sentence of life imprisonment.

Fans of Weki MekiSeo Kang JoonASTRO, and more are concerned with Fantagio's state as a label, but the agency has stated the Korean branch of JC Group is separate from the Chinese branch. Stay tuned for updates. 

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hohliu7,173 pts Friday, May 10, 2019 3
Friday, May 10, 2019

Stealing money meant for the poor is just evil. The funds are for redevelopment. It is not used to line their pockets!!

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trogdorthe8th3,646 pts Friday, May 10, 2019 1
Friday, May 10, 2019

This company is such a mess, it's a shame with groups like Weki Meki who are about to have a comeback. When things like this drop so close to something like that, you run the risk of investors pulling out. I wish them well, things have been so rough for them ever since they pushed the old CEO out.

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Yang Hyun Suk
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