[Edaily Marketin Reporter Hur Jieun ] It has been confirmed that an executive director of KOSPI-listed company UNI CHEM.CO.,LTD(011330)has been suspended from duty after being caught embezzling approximately 1.5 billion won in company funds. Controversy over poor financial management has arisen because the incident 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. UNI CHEM.CO.,LTD stated that it is taking legal action against the individual, including filing a criminal complaint, while emphasizing that the production and settlement of its ongoing drama projects are proceeding normally.

According to the Financial Supervisory Service’s electronic disclosure system on the 27th, UNI CHEM.CO.,LTD announced on the 23rd that Mr. Ahn, an inside director, 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. UNI CHEM.CO.,LTD stated, “We detected evidence of misconduct by Mr. Ahn through a special audit and, following a board resolution, removed him from his duties,” adding, “We are preparing to take necessary legal measures, including filing a criminal complaint.”

“Embezzlement

of

UNI CHEM.CO.,LTD’s Own Funds… Unrelated to Production Costs”

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 2021. Arc 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 Disney+ original series such as “Casino.” Subsequently, Mr. Ahn joined UNI CHEM.CO.,LTD in May 2025 as head of its entertainment division and has been overseeing related operations.

However, UNI CHEM.CO.,LTD explained, “Mr. Ahn is merely a professional manager recruited by the company to enter the entertainment business,” adding, “UNI CHEM.CO.,LTD is in no way controlled or owned by One Asia Partners or CEO Ji’s side.” Previously, when Mr. Ahn was appointed head of UNI CHEM.CO.,LTD’s entertainment division, some in the industry speculated that the corporate structure might be reorganized under CEO Ji’s control; however, it appears this did not result in an actual transfer of shares, as the largest shareholder was later confirmed to be a separate legal entity.

Initially, some in the broadcasting industry raised concerns that Mr. Ahn’s removal from his position might disrupt production of the new KBS 2TV weekend drama *A Romance Other Than You*, produced by UNI CHEM.CO.,LTD and scheduled to air this September; however, confirmations from both UNI CHEM.CO.,LTD and KBS revealed that these concerns were unfounded.

UNI CHEM.CO.,LTD emphasized, “The amount of embezzlement disclosed in the public announcement is limited to 1.5 billion won from UNI CHEM.CO.,LTD’s Entertainment Division’s own funds and is unrelated to the drama production costs paid by KBS,” adding, “Filming for the drama is currently proceeding normally, and the company is taking full responsibility for and properly fulfilling its financial obligations to the actors and staff.”

Risks Associated with Ji Chang-bae’s Network

Arc Media, where Mr. Ahn previously worked, is a production company controlled by CEO Ji Chang-bae through One Asia Partners. Currently, separate from the allegations of stock price manipulation at SM Entertainment, CEO Ji is facing allegations 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 the period when Chairman Choi Yoon-beom served 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). Chairman Choi 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, and we were unable to obtain a response.