[Edaily Marketin Reporter Hur Jieun ] Amid revelations that an executive director of KOSPI-listed company UNI CHEM.CO.,LTD(011330) is suspected of embezzling 1.5 billion won, additional allegations have surfaced that the individual has gone into hiding with 8 billion won in broadcasting production funds. The controversy over poor financial management has reignited, as this case involves a top executive from a portfolio company previously invested in by One Asia Partners—a private equity fund (PEF) manager linked to past allegations of stock price manipulation at SM Entertainment.

According to the Financial Supervisory Service’s electronic disclosure system on the 27th, UNI CHEM.CO.,LTD announced on the 23rd that an executive director, identified only as Mr. Ahn, was suspected of embezzling 1.5 billion won in the course of his duties. The embezzled amount represents 1.14% of the company’s equity. The company stated that it confirmed the facts through an internal audit and plans to take necessary measures, including filing a complaint with law enforcement agencies, in accordance with legal procedures.

Born in 1982, Mr. Ahn founded the content production company Story Hunter in 2019 and became CEO of Ark Media after the company was absorbed by Ark Media in a merger in 2021. Ark Media is a production company whose largest shareholder is a private equity fund led by Ji Chang-bae, CEO of One Asia Partners, and has produced titles such as the Disney+ original series “Casino.” Subsequently, Mr. Ahn reportedly joined UNI CHEM.CO.,LTD in May 2025 as head of its entertainment division, where he has overseen related business operations.

“Collusion

Between Production Company and Executives”… KBS Drama Filming Suspended

The issue is that Mr. Ahn is suspected not only of embezzling funds from a publicly traded company but also of absconding with production funds for a major broadcast project. According to sources in the broadcasting industry and elsewhere, Mr. A reportedly cut off contact in the third week of July after taking 8 billion won in production funds for the new KBS 2TV weekend drama *A Romance Other Than You*, which was scheduled to air this September. The drama was being produced by UNI CHEM.CO.,LTD, and filming is reportedly currently suspended.

A broadcasting industry insider familiar with the matter claimed, “UNI CHEM.CO.,LTD is a company that manufactures fur, hides, and leather—it has absolutely no connection to the drama or entertainment industries—and was acquired by Mr. Ahn’s side after Ark Media became embroiled in corruption allegations,” adding, “Mr. Ahn became the CEO of a production company invested in and controlled by Ji Chang-bae.” They are raising suspicions of collusion between production company and broadcaster executives in the selection of outsourced production companies and the disbursement of funds.

Ji Chang-bae’s Production Network Faces a Series of Controversies

Arc Media, where Mr. Ahn previously worked, is a production company that CEO Ji Chang-bae has controlled through One Asia Partners. It is believed that in May of last year, when Mr. Ahn moved to become head of the UNI CHEM.CO.,LTD business division, the previous largest shareholder stepped down and the corporate structure was reorganized under Ji Chang-bae’s network. Currently, separate from the allegations of stock price manipulation at SM Entertainment, CEO Ji is facing charges of misappropriating fund assets. In October of last year, he was sentenced in the first trial to three years in prison, suspended for four years, on charges of embezzlement and breach of trust under the Act on the Aggravated Punishment of Specific Economic Crimes, and his appeal is currently underway.

Ark Media’s largest shareholder is “Korea Growth No. 1,” a private equity fund established by One Asia Partners. KoreaZinc is the largest limited partner (LP) for this fund and other One Asia funds. According to Youngpoong, KoreaZinc invested a total of 560 billion won in One Asia funds from 2019 to 2023, during Chairman Choi’s tenure as president. The company explained that KoreaZinc holds more than 96% of the shares in six of the eight One Asia funds, making it effectively the sole limited partner (LP). KoreaZinc Chairman Choi Yoon-beom and CEO Ji are middle school classmates.

Meanwhile, this newspaper attempted to contact Mr. Ahn dozens of times to hear his side of the story, but his cell phone was turned off, so we were unable to obtain a response.