Fans Worried For Cha EunWoo, Weki Meki, & Fantagio Artists After JC Group CEO Arrested For Fraud
JC Group CEO Wei Jie was recently arrested on charges of fraud and it has become a growing concerns for fans of Fantagio artists such as Ong SeongWu, Astro, Weki Meki, and more.
Fans are most likely worried at the moment about Fantagio Entertainment since JC Group was the main financial support and in a sense, the foundation for the South Korean entertainment agency from a business standpoint.
Wei Jie is currently being investigated by the Chinese authorities for illegal fundraising along with fraud. The Chinese CEO has been involved in renovating the countryside into themed villages in order to attract more business opportunities along with tourists. In addition, approximately thirty other high ranking JC Group officials are also currently being investigated for similar charges.
According to the South China Morning Post, JC Group was acting as the middleman between local governments that were aiming to raise funds to boost the local economy, while promising high annual returns which was estimated to be around twelve percent.
CaiXinGlobal.com has reported:
“JC Group and its affiliates claimed most of the funds were invested in private-public partnership projects that included the development of tourist towns and low-income housing. However, a lot of the money was actually used to pay interest on short-term fixed-income products sold by the companies or to refinance their borrowing, some investors interviewed by Caixin said. Some was even funneled into real estate by Wei and other senior managers of JC Group, investors said.”
Meanwhile, Fantagio Entertainment has reassured fans that there is nothing to worry about as the artists are continuing to receive various types of support and that the recent predicament involving the JC Group will not directly affect Fantagio.
Stay tuned for updates!
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