Singer Lim Chang-jung's management has publicly addressed his controversial comments praising Ra Deok-yeon, an investment specialist accused of being the central figure in a major stock market crash caused by SG Securities.

On the 6th, MBC's investigative program 'PD Notebook' covered the stock manipulation scandal involving Ra Deok-yeon.

During the broadcast, the 'PD Notebook' team visited Lim Chang-jung's agency to question why he had previously spoken highly of Ra at an event organized by him.

An official from Lim Chang-jung's agency stated, "We had met him for the first time because we were told he would invest in us. We certainly did not know that they were manipulating stocks. If we knew, how could we do that as public figures? He's normally very careful."

Although the production team attempted to speak directly to Lim Chang-jung, they were unable to meet with him. Instead, Lim Chang-jung's representatives released a written statement explaining, "Im Chang-jung mentioned Ra Deok-yeon at a charity golf event. Many people at this event entrusted their money to Ra's asset management company and had made actual profits. They spoke of Ra as an excellent businessman and investor, so Im Chang-jung thought the same."

They continued, "Lim Chang-jung needed investment for his entertainment company and wanted to look good to Ra. He was swept up in the atmosphere as a guest singer and ended up making exaggerated comments in praise of Ra. While it is customary for guest singers to speak favorably of the organizers, Lim Chang-jung regrets and reflects on his exaggerated comments."

Regarding why Im Chang-jung was listed as a shareholder in Ra's company, they explained, "Im Chang-jung was an investor at the time and he trusted Ra Deok-yeon completely, so he ended up buying 1% of the stock at Ra's suggestion."

In December of last year, Im Chang-jung stirred controversy by calling Ra Deok-yeon a "religion" during an investor meeting hosted by a golf company set up by the stock manipulation group. Im Chang-jung was quoted as saying, "But also, I entrusted my money to that XX, it's like a religion. You're doing well because you took my money, which is quite something." His remarks were met with applause and comments like "We believe in you" and "Hallelujah" from the investors.

Lim Chang-jung added, "You have until the end of next month, exactly one month. If you don't give me the return I want, I'll dissolve all of this," and also said, "Behold! This is how a religion is born."

On the 26th of last month, a joint investigation team from the Seoul Southern District Prosecutors' Office and the Financial Supervisory Service indicted Ra Deok-yeon and two others on charges of violating the Capital Market Act and the Act on the Regulation of Concealment of Criminal Proceeds. According to the prosecution, Ra and his accomplices raised hundreds of billions of won from investors through profit agreements from May 2019 to April last year, boosting the stock prices of eight listed companies through price rigging. The prosecution estimated that Ra's group made an illicit profit of approximately 730.5 billion won.

The first trial for Ra Deok-yeon and the two other suspects is scheduled for the 15th.

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