▲ This photo of actress Hwang Jung-eun is provided by C-Jes Entertainment. (PHOTO NOT FOR SALE) (Yonhap)

 

JEJU, May 16 (Yonhap) -- South Korean actress Hwang Jung-eum appeared in court on charges of embezzling corporate funds and investing them in cryptocurrency.

 

The Jeju District Court’s Criminal Division 2, presided over by Judge Lim Jae-nam, held the first hearing Thursday for Hwang, who has been indicted for violating the Act on the Aggravated Punishment of Specific Economic Crimes (embezzlement).

 

Hwang is accused of misappropriating approximately 4.34 billion won (US$3.14 million) in 2022 from a private entertainment agency solely owned by her family. Investigators found that around 4.2 billion won of that amount was invested in cryptocurrency.

 

During the hearing, Hwang’s legal team admitted to all charges.

 

“The defendant invested in cryptocurrency with the intention of expanding the business,” her attorney stated. “Since corporations are restricted from holding cryptocurrencies directly, she temporarily used her personal account, which led to the offense.”

 

The lawyer added, “As the company’s profits came entirely from the defendant’s entertainment activities, it could be viewed that the funds ultimately belonged to her. She has since sold some of the cryptocurrency to compensate for part of the damage and plans to repay the remainder by liquidating real estate assets.”

 

In a statement released through her new agency, Y.ONE Entertainment, Hwang said, “I sincerely apologize for causing concern over this disgraceful matter. Although the funds were under the company’s name, they were earnings from my own work, and I made an immature decision.”

 

“I will take full responsibility for my actions,” she added.

 

A second hearing in Hwang’s case is scheduled to take place in August.

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