BTS management agency under investigation; alleged to have drawn off from NJZ's contract fee for funding to subsidiary
Now, another allegation against the company has come to light.
New reports against the BTS agency come to light
As per the speculations and allegations, they have been drawing out funds from the contract fee for NJZ to provide funds to another subsidiary operating under them. Reports from Instiz have revealed a legal document that directly points towards how the company has been profiting off of NJZ's contract fee and has been siphoning funds from them. The contract in hand is a partnership deal that occurred between the popular K-pop group and an extremely popular online game that went viral a few years ago.
The deal was for 10.0 billion KRW; however, as per documents, it showed that the company had taken about 4.10 billion KRW for a subsidiary. The issue was caught later on, after which they issued a statement of correction, while returning only 1.60 billion KRW.
Many have been sharing their disdain over the matter and have expressed how unrealistic the situation is.
Many share their speculations online
According to the report, many have taken to fan forum websites to share their insights on the matter.
Allegedly, the original amount that was taken from the contract fee was 500 million KRW, which was later increased to 4.1 billion KRW by the company after Min Hee Jin left another one of their subsidiaries, ADOR.
This has become another case that is currently being investigated by Investigation Bureau 4.
Previously, it was reported that approximately 27 entities from the company, including the chairman Bang Shi Hyuk, have been under investigation. They are being investigated based on tax evasion, fraud, and stock market manipulation.
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