Category Archives: Coko Entertainment News

{Kim Woo Jung’s Embezzlement} Kim Jun Ho “Officially Closes CoKo Entertainment”

Reblogged By: De De Tillman; Asian Celebrity Blogger

Source:Koreaboo – Xports News

Media:Koeaboo – Xports News

Posted: Saturday January 24, 2015 @ 6:36 p.m PST

 

Following recent controversy, CoKo Entertainment has finally closed its doors for business after long hardship in its financial status. Kim Jun Ho, a successful gag-man, started the agency with a co-worker, along with many of his fellow performers contracted.

The official announcement following the closure was made on January 24th by the agency themselves mentioning that they will no longer be in business due to its lack of funds.

In the official statement that follows, CoKo Entertainment said,“We thank everyone for all the attention CoKo Entertainment had received until now. Unfortunately, it is hard for us to announce such a grieving news to you all. We’d like to explain a more in-depth story of our financial issues that were brought to public in the recent past along with our opinion and plans for the future.”

The announcement continued, “As we have said in our previous reports, CoKo Entertainment’s CEO Mr. Kim, in partnership with Kim Jun Ho, continued to delay payments for the contracted performers along with their exclusive contract fee. At that point, we decided there were problems in the company’s finances. After further investigations, we found out that Mr. Kim had embezzled the company’s funds, including the performers’ income from their individual programs.

“Mr. Kim had run away to the United States by the time the crime was found out. The major shareholders have sued Mr. Kim for his crime and provided the police with solid evidence. The staff has made all efforts possible in order to revive the company and its finances. However, after Mr. Kim’s run away, many additional debts arose. Currently in January, the amount of debt reached millions of dollars. After such situations, the executives of CoKo Entertainment have agreed that revival of the company is impossible, thus ending its business.”

In addition to their current situations, Kim Jun Ho, as a representative staff of the company, had helped with their financial problems. The statement says, “to help performers who were not being paid, Kim Jun Ho used his own money to completely pay for those who were in need of money immediately. In fact, we are giving our best to completely pay for our part-time workers as soon as possible.

The company ended their official statement with a rather sad finish, “We, CoKo Entertainment, apologize to our part-time workers, contracted performers, and all those who have watched and paid attention to us.

In late 2014, news came to light that the co-CEO of CoKo Entertainment, Kim Woo Jung, had embezzled company fundsand disappeared. Soon after, news arose of discord within the company with the revelation that its comedians had yet to be paid, along with other concerns of income distribution and unfair contracts. Continuing investigations, on January 12th, 2015, Kim Woo Jung was also charged with investment fraud. Despite the turmoil during the past few months, staff of the company haveremained vigilant alongside Kim Jun Ho as investigations continued.

kim jun ho

*Used With Permission

Coko Entertainment Artists and Staff Unable To Be Paid

Reblogged By: De De Tillman;  Asian Celebrity Blogger

Source:Koreaboo –Ten Asia

Media: Koeaboo – Ten Asia

Posted: Friday December 26, 2014 @10:05 p.m PST

 

Coko Entertainment find themselves having trouble paying their staff and artist signed under them following the sudden disappearance of their CEO Kim Woo Jong, who allegedly embezzled money from the company.

On November 27th, CEO Kim Woo Jong disappeared with an uncertain amount of the company’s funds, which were meant to pay their artists, staff, future projects and current businesses. It was revealed in a latest update that the CEO had halted payments to artists who had either opted out of the company or whose contracts had expired since August.

Currently, Coko Entertainment is attempting to figure out how much the CEO had taken off with, as the unknown amount has put a halt on police investigations, who are also attempting to track down the missing businessman. A representative with the company stated, “We are focusing on trying to figure out exactly how much of the company’s money as well as money that was meant for artists and employees.”

Once a certain amount of how much money went missing is found and how much damage this has caused, the agency is planning to also request an investigation from Interpol. Coko Entertainment and police have already released a warrant out for Kim Woo Jung.

However, the current problem still raises the question, will the artists under the company take legal action soon? For now, they have remained quiet in hopes the agency will figure things out.

“Since the artists were all with us for a long time, they want to help the company figure the situation out,” said the agency.

But this non-payment trend will surely become a problem for the artists, as their livelihood depends on getting paid. Many artists have already nullified their contract with the company, while others have decided to resign. Either way, many have still not been paid from August to November.

Coko Entertainment was the host of the Busan National Comedy Festival and focused on expanding the culture of comedy within Korea. With Kim Jun Ho at the forefront, the company made a name as an innovator in the industry but are faced with a giant obstacle through this incident.

All the employees are on an indefinite hiatus as well. Coko Entertainment stated, “Kim Jun Ho who spend so much time and money is wounded, we are trying to figure things out with Kim Jun Ho leading everyone.”

CoKo Entertainment

*Used With Permission

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