>>715968Financial Crisis at Cha Ga-won’s Music Labels
Employees at One Hundred, Big Planet Made, and INB100 (home to artists like The Boyz, Taemin, and Baekhyun) are facing severe instability due to financial mismanagement by CEO Cha Ga-won.
Employee Welfare: For several months, the company has failed to pay the employer’s share of the mandatory "four major social insurances" and retirement pensions, despite continuing to deduct the employees' portion from their salaries.
Operational Collapse: Corporate credit cards have been blocked, forcing managers to cover company expenses (like gas) out of pocket. Additionally, office rent and vehicle lease payments are overdue, risking eviction and vehicle repossession.
Financial Insolvency: The companies are reported to be in a state of capital impairment, with significant outstanding debts to vendors and unsettled payments to artists.
Legal Troubles: CEO Cha Ga-won is personally facing tax delinquency (resulting in property seizure) and a lawsuit regarding alleged fraud.
Official Response:
Cha’s representatives stated that the missed insurance payments were due to a "verification delay" and promised to resolve the insurance and corporate card issues by the following day.
