Actress Sung Yuri‘s cosmetic brand is facing increased scrutiny after it was revealed that the brand’s valuation has increased by 23x since Park Min Young‘s ex-boyfriend Kang Jong Hyun‘s involvement.
Earlier, it was revealed that Sung Yuri’s cosmetic brand received a ₩3.00 billion KRW (about $2.28 million USD) investment from Bucket Studios. Bucket Studio is publically listed company trading on Korea’s stock market. Kang Jong Hyun’s sister is listed as the company’s CEO, but it is alleged that Kang Jong Hyun is the company’s defacto director.
The news comes after Sung Yuri had previously denied any involvement with Kang Jong Hyun. Kang Jong Hyun’s Maybach was previously revealed to be registered under Sung Yuri’s husband. When asked about it, Sung Yuri feigned ignorance, stating she didn’t know the two were acquaintances.
According to a news report by Hankyung’s Market Insight, since receiving the investment from Bucket Studios, Sung Yuri’s cosmetic company has seen its valuation jump by 23 times.
According to the news report, the new investment by Bucket Studio valued the company at ₩16.0 billion KRW (about $12.2 million USD). Just eight months before the investment, the company was valued at just ₩700 million KRW (about $532,000 USD).
There have since been allegations that the company, along with Kang Jong Hyun, artificially propped up the company’s valuation.
Also, when inquired about Bucket Studio’s investment, Sung Yuri’s company acknowledged receiving the investment but claimed that they had returned the investment. This claim is also under scrutiny as it has been revealed that Bucket Studio did not report receiving back the ₩3.00 billion KRW (about $2.28 million USD) investment.
According to the news reports, as per a representative of an investment bank, if Bucket Studio did not report receiving the investment back, this may have legal repercussions.
If they returned it but (Bucket Studios) failed to report it, that’s a violation. This isn’t a personal transaction, and it isn’t that easy to just return an investment to a new investor.
— Representative of an Investment Bank
Stay tuned for updates.