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Studio Dragon Corporation is a South Korean drama production, marketing and distribution company that is operating under CJ ENM's entertainment unit. It has recently appeared in the headlines due to the resignation of its co-CEO and head of content creation, Kim Young Kyu, who is being linked to an embezzlement case.
With the departure of Kim Young Kyu, Studio Dragon is reportedly in crisis. It was reported that he gave up his post to take responsibility for the alleged fraud or misuse of company funds. While this could be the reason for his decision to leave, the studio announced that he resigned due to personal reasons.
As per The Korea Times, many media outlets are already reporting that Kim’s exit is related to the embezzlement incident within the organization. It was said that Studio Dragon received a tip-off that a content producer had been pocketing funds, and officials immediately ordered an internal audit which confirmed the misconduct.
The production company then announced that the employee was already dismissed. It was added that Studio Dragon is now in the process of reviewing the best option as it plans to take legal action and file criminal charges against the erring producer.
"It is difficult to disclose specific details of the audit, but it has been confirmed that there was misconduct during the content production process," the officials of the studio said. "Kim Young Kyu, who was in charge of overseeing the content division, resigned, taking moral responsibility for the incident."
Meanwhile, The Korea Economic Daily reported that it was two months ago when CJ Group, the parent company of CJ ENM, found out about the wrongdoing of the producer at Studio Dragon. They apparently discovered that he has been misusing corporate funds and sources shared this employee has been fired. In any case, as Kim Young Kyu is leaving, KED noted that Studio Dragon could face a crisis as he is known to have led the company with the production of big hits including “Crash Landing on You,” “The Glory,” and “Hotel del Luna.”
Photo by: Studio Dragon/Wikimedia Commons(CC BY-SA 4.0)
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