[비즈한국] It has been confirmed that Yes I Am Entertainment, an entertainment agency founded by singer and actor Lim Chang-jung, appointed a new CEO early this year. Since Mr. Lim became embroiled in allegations regarding his involvement in the SG Securities-led stock market crash in 2023, Yes I Am Entertainment has suspended its business operations. Although Mr. Lim was later cleared of the charges, there have been no signs of the company resuming its operations.
According to the corporate registry, the former CEO of Yes I Am Entertainment, a Mr. Kim, resigned in February of this year, and a Mr. Seo was appointed as the new CEO. As Mr. Seo has served as a director at several companies associated with Lim Chang-jung, he appears to have a close relationship with Mr. Lim.
Yes I Am Entertainment’s business activities are effectively at a standstill. Mr. Lim suspended his activities for approximately two years following the allegations regarding his involvement in the 2023 SG Securities-led stock crash. Yes I Am Entertainment also canceled most of its scheduled activities. Their girl group, mimiirose, transferred to another agency, and the office building was placed under voluntary auction by the court (Related article [Exclusive] Auction Initiated for Paju Building Owned by Lim Chang-jung’s Company).
Some speculate that the change in CEO at Yes I Am Entertainment might signal a move to restart the business. However, there have been no notable developments in the six months since the appointment of the new CEO. The Yes I Am Entertainment website remains closed, and there have been no posts on its Instagram account since October 2023.
While Lim Chang-jung resumed his entertainment career in 2025, he is currently active under JG Star, not Yes I Am Entertainment. It would not be surprising if the Yes I Am Entertainment corporation were to be liquidated.
However, liquidation is not a simple process. According to the audit report, as of the end of 2024, 32.18% of Yes I Am Entertainment’s shares were held by Like It, a company owned by Lim Chang-jung. The owners of the remaining 67.82% of shares have not been disclosed, but they are known to be external investors.
When the SG Securities-led stock crash emerged in 2023, Lim Chang-jung stated on Instagram, "I wanted to develop the agency I founded into a global comprehensive entertainment company, and in the process, I met various investors. I thought that if they recognized my corporate value and I collaborated with them, it would help the development of my business, so I decided to sell some of the agency's shares through a lawyer."
To liquidate a corporation, a resolution by the shareholders' meeting requires the approval of at least two-thirds of the voting rights present and at least one-third of the total issued shares. Since the shares held by Like It do not constitute one-third, liquidation cannot proceed if other shareholders object. Even if other shareholders agree, there are several procedures to follow, such as the distribution of residual assets among shareholders.
Bizhankook visited the Yes I Am Entertainment building in Paju, Gyeonggi Province, on the 2nd. There was no sign of activity in the building, and outsiders were prohibited from entering. A poster for "Yes I Am Academy" was attached to one side. Yes I Am Academy is an arts-related institute that has been operating in the Yes I Am Entertainment building for some time, and it is reported that Mr. Lim is not involved in its management. A poster indicating that a yoga class is being held on the third floor of the building was also discovered.
With no corporate activity taking place, some analyze the appointment of a new CEO as having no significant meaning. Currently, Mr. Seo is the only director at Yes I Am Entertainment. A business industry official explained, "As long as it is a corporation, there must be at least one director. If the previous CEO resigned for any reason, someone must serve as the CEO to maintain the corporation, even if only on paper."
In the long term, Yes I Am Entertainment must decide whether to resume business or proceed with liquidation. Even if no revenue is generated, as long as the corporation is maintained, taxes such as the local resident tax for business establishments must be paid. If there are debts, the associated interest costs cannot be ignored either.