Kim Ho Joong‘s agency, Think Entertainment, has responded to allegations of illegal stock acquisition. Comedian Kim Han Bae and former co-CEO of Think Entertainment, Jung Yeon Ho, have filed a lawsuit, claiming that they will hold those responsible accountable.

On the matter, Think Entertainment stated, “We have confirmed that Kim Han Bae and another individual filed a lawsuit against the company on May 29 for alleged improper transfer of ownership.” They further added, “We plan to take legal action against Kim Han Bae and others for false claims and filing lawsuits related to criminal fraud and violation of the Act on Promotion of Information and Communications Network Utilization and Information Protection, etc. We will also seek compensation for damages resulting from illegal actions.”

The agency pointed out, “Kim Han Bae and others have claimed in their lawsuit that they were shareholders of the company, but they have not provided any concrete evidence to support their claim that their shares were illegally transferred to someone else. They have not even accurately identified the individual who allegedly acquired their shares. Their lawsuit, based solely on speculation and without presenting evidence, constitutes an unlawful form of litigation prohibited by the Civil Procedure Act and raises suspicions of litigation fraud.”

Earlier, online media outlets reported that Kim Han Bae and Jung Yeon Ho had filed a complaint against Think Entertainment’s CEO Lee Kwang Deok and three executives on suspicion of fraud and forgery of documents under the Specific Economic Crimes Act, forgery of official documents, and complicity in fraud.

According to the report, the complainants stated, “We were coerced into stamping our seals on stock transfer agreements without prior knowledge of changes in stock ownership,” and claimed that “illegal changes were made.”

In response, Think Entertainment stated, “The claims made by Kim Han Bae and others are baseless falsehoods.” They cited several factors, including the fact that despite being shareholders in a company with assets worth hundreds of billions of won, Kim Han Bae and others never raised any objections during multiple shareholder meetings. They also highlighted that there were no requests from Kim Han Bae and others to inspect the shareholder registry or inquire about the process of changing shareholders’ names, nor did they request such changes before filing this civil lawsuit.

“Stock transfer agreements are concluded between the transferor and the transferee, and the company cannot be involved in the conclusion of stock transfer agreements,” Think Entertainment clarified. “The transferor, Kim Han Bae and others are responsible for paying the transfer income tax and securities transaction tax and must report it. The company does not have the obligation to initiate the process of changing shareholders’ names unless requested by the transferor and transferee.”

Furthermore, they emphasized, “The claims made by Kim Han Bae and others imply that the company was involved in the process of concluding stock transfer agreements and forging contracts, which are baseless and lack understanding of the basic legal structure and procedures of stock transfer agreements. This constitutes a clear criminal act of defamation against the company’s honor and credit. It raises suspicions that they are trying to exploit the difficult situation faced by the company, on the brink of bankruptcy due to their affiliated artist (Kim Ho-joong), to manipulate public opinion and gain unfair benefits.”

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