Actor Hwang Jung-eum admits to investing $3M of agency's money in cryptocurrency

Actor Hwang Jung-eum admitted to taking 4.3 billion won in company funds from her family-owned agency, a majority of which she invested in cryptocurrency.

Actor Hwang Jung-eum [Y.ONE ENTERTAINMENT]

Actor Hwang Jung-eum admitted to taking 4.3 billion won ($3 million) in company funds from her family-owned agency, a majority of which she invested in cryptocurrency, while testifying in a trial on Thursday, News1 reported.

Hwang is charged with embezzlement under the Act on the Aggravated Punishment of Specific Economic Crimes. The first hearing of the trial took place at the Jeju District Court on Thursday.

The actor was indicted without detention on charges of embezzling 4.34 billion won in company funds by the end of December 2022, according to the indictment. Hwang owns a 100 percent stake in the firm.

She invested around 4.2 billion of the embezzled funds in cryptocurrency, the trial revealed.

Hwang’s lawyer admitted to the actor taking the funds.

“There is no dispute over the facts of the case,” Hwang’s legal representative reportedly said.

“However, the defendant invested in cryptocurrency with the intention of growing the company — and because corporations are not permitted to hold cryptocurrency, the investment was temporarily made under her personal name, which ultimately led to the offense in question.”

“Since the agency’s profits ultimately stem from the defendant’s own work, they can be seen as rightfully belonging to her,” the lawyer added.

Some of the damage was repaid by selling cryptocurrency and the rest will be paid back by selling properties, the legal representative said.

Hwang’s lawyer requested that proceedings be delayed so as to arrange compensation for the damages, which the court reportedly approved.

Hwang debuted as a member of the K-pop girl group Sugar in 2002. She later ventured into acting and has since played lead roles in dramas including "High Kick Through The Roof" (2009-2010), “She Was Pretty” (2015) and “Kill Me, Heal Me” (2015).

She currently appears on an SBS Plus show roughly translated to "Because I'm Single" as its presenter.

BY KIM JU-YEON [kim.juyeon2@joongang.co.kr]