Lee Jung-jae, Raemongraein's management dispute wins...Appointment of Jung Woo-sung as an inside director

Actor Lee Jungjae [Courtesy of OSEN]

The Laemmongraein management dispute, widely known as the producer of the drama "The Youngest Son of the Congregation," ended in seven months with actor Lee Jung-jae's victory.
According to Artist United (formerly Wythe Planet, hereinafter Artist), where Lee Jung-jae is the largest shareholder today (31st), the agenda to appoint Lee Jung-jae, Jung Woo-sung, and Lee Tae-sung as inside directors was approved at the Laemmongrae Interim Shareholders' Meeting. Park Hye-kyung, CEO of And Credit, a figure of Lee Jung-jae, was appointed as an outside director.

All other agendas proposed by the artist were passed. The name of Raemongraein will be changed to an artist studio and the issuance limit of convertible bonds will be expanded. On the other hand, the decision on the appointment of Kim Dong-rae, CEO of the existing management, and Kim Ki-yeol, Chief Financial Officer (CFO), was voluntarily withdrawn before the board meeting.

The results of this general shareholders' meeting were somewhat foreseen. The previous day, the court ruled in favor of the artist. The court ordered Kim to pay billions of won if he opposes the appointment of a director.

Through this shareholders' meeting, key figures from the artists, including Lee Jung-jae, are appointed to the board of directors, and Raemongraein is expected to speed up management stabilization in earnest.

An artist official said, "We will strive to produce video content such as movies and TV series targeting the global market. We will maximize corporate value and shareholder value by creating various contents loved at home and abroad."

In March, Raemongraein conducted a paid-in capital increase of KRW 29 billion for Lee Jung-jae and others, and its largest shareholder was changed to an artist.

Since then, when the artist formed a consortium in April this year and jumped into the competition to acquire Green Bam Media, a production company that was put up for sale, CEO Kim protested.

As a result, the acquisition of Green Bam Media failed, but CEO Kim claimed that the artist turned a blind eye to his promise to increase the production capacity of Raemongraein and showed interest in acquiring other companies by mobilizing the company's cash assets.

On the other hand, the artist countered that CEO Kim decided to sell the company for personal reasons and leave, but changed his words after signing the contract to maintain management rights.

Since then, the artist has demanded a general shareholders' meeting to replace the CEO and other board members, but CEO Kim refused, and legal battles such as civil lawsuits and criminal complaints took place.


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