Hwang Jung-eum Confirms Full Repayment of Embezzled Funds

Hwang Jung-eum (황정음), a former singer turned actress, has been confirmed to have used company funds from her own management agency to pay off personal credit card debts while being charged with embezzling money to invest in cryptocurrency. On July 11, it was revealed that Hwang acknowledged all charges against her and stated that she has fully repaid her debts.

According to a four-page indictment obtained through the National Assembly, Hwang initially attempted to open a cryptocurrency account under her agency's name. However, facing difficulties, she transferred company funds to her personal account under the guise of advances, which she then invested in cryptocurrency. The prosecution noted that Hwang did not draft any contracts regarding repayment terms or interest rates during this process.

On July 11, 2022, Hwang borrowed 800 million KRW under her agency's name in Jeju and subsequently transferred 700 million KRW from the agency's account to her personal account, investing the entire amount in cryptocurrency. This method of investment continued in 13 instances until October of that year.

In total, Hwang is accused of transferring 4.34 billion KRW of company funds to her personal account, with 4.21 billion KRW reportedly used for cryptocurrency investments. Additionally, she is charged with embezzling 443,000 KRW for personal credit card payments, which she claimed were for property taxes and local taxes. She also used embezzled funds to pay 104,000 KRW in stock collateral loan interest.

The Jeju District Prosecutor's Office indicted Hwang on December 31 of last year under the Act on the Aggravated Punishment of Specific Economic Crimes. During her first trial in May, she admitted to all charges. Following the public revelation of her embezzlement, Hwang issued a statement expressing her commitment to take necessary responsibility, attributing her losses to poor judgment after being encouraged by a friend to invest in cryptocurrency around 2021.

On June 17, Hwang announced that she had repaid all 4.3 billion KRW of the embezzled company funds, stating that all financial relations between her and the agency had been resolved. She expressed deep remorse for causing controversy due to her lack of appropriate tax and accounting knowledge as the owner of a one-person corporation.

Hwang's next court hearing is scheduled for August 21 at the Jeju District Court.