[비즈한국] It has been confirmed that JG Star has canceled its purchase of the Yes IM Entertainment office building located in Paju, Gyeonggi Province. JG Star had placed a provisional registration (ga-deung-gi) on the building in connection with its purchase in 2023, but cancelled it this February. Yes IM Entertainment is an entertainment agency founded by singer and actor Im Chang-jung. The Yes IM Entertainment office building is owned by Like It (formerly Im Chang-jung Co., Ltd.), and Im Chang-jung holds a 100% stake in Like It.
Separately, the Yes IM Entertainment building is currently under a foreclosure decision following requests from creditors. Had JG Star maintained its provisional registration, it could have potentially asserted rights over the Yes IM Entertainment building even after the auction, but by canceling it, the company can no longer claim such rights.
The court accepted a request from creditor Industrial Bank of Korea024110 last July and decided to initiate an arbitrary auction of the Yes IM Entertainment building. Previously, in June of last year, the Korea Technology Finance Corporation (KOTEC) had provisionally seized the Yes IM Entertainment building as a creditor. Once the auction is complete, KOTEC, as a provisional seizure holder, may be able to receive a certain amount depending on the auction results (Related article: [Exclusive] Foreclosure Decision for Building in Paju Owned by Im Chang-jung's Company).
Separately, a decision to initiate a compulsory auction for the Yes IM Entertainment building was also issued in March of last year at the request of JG Star. JG Star is the agency to which Im Chang-jung is currently signed. Last March, JG Star had signaled legal action, claiming that Im Chang-jung did not perform concerts and failed to return the 1 billion won down payment after the SG (Société Générale) Securities crisis erupted. However, in May of last year, JG Star stated, “We had sincere conversations with Im Chang-jung for a long time,” adding, “We decided to resolve our misunderstandings and join hands again.” They also withdrew the application for a compulsory auction of the Yes IM Entertainment office building.
JG Star had previously established a provisional registration for the claim to transfer ownership of the Yes IM Entertainment building in May 2023. This was a measure taken in accordance with the real estate sales agreement and would have remained effective for 10 years. Even if the Yes IM Entertainment building were put up for auction, JG Star would have been in a position to claim priority rights. The specific reason why JG Star sought to purchase the Yes IM Entertainment building remains unknown.
However, a check of the real estate register revealed that JG Star cancelled the provisional registration for the claim to transfer ownership this February. This effectively removed obstacles for the Industrial Bank of Korea to proceed with the auction of the Yes IM Entertainment office building.
Meanwhile, Yes IM Entertainment has been essentially inactive since the girl group mimiirose left the company in 2023. The website is inaccessible, and no posts have been uploaded to their Instagram since October 2023. Im Chang-jung is currently active under JG Star.
Bizhankook reached out to JG Star through several channels to hear their stance on the matter, but did not receive a response.