Unichem disclosed on July 23 that director Ahn embezzled 1.5 billion won (1.14% of equity), discovered via internal audit. The company will file complaints with authorities per legal procedures. Separately, allegations surfaced that Ahn vanished with 8 billion won in KBS drama production funds in July's third week. The case involves a portfolio company of a private equity fund heavily backed by Korea Zinc, renewing scrutiny of fund management practices.
Unichem Discloses 1.5 Billion Won Embezzlement by Internal Director
According to the Financial Supervisory Service's electronic disclosure system on July 27, Unichem filed a disclosure on July 23 reporting that internal director Ahn embezzled approximately 1.5 billion won. The embezzlement amount represents 1.14% of the company's equity. Unichem confirmed the facts through an internal audit process and stated it will take necessary measures including filing complaints with investigative authorities in accordance with legal procedures.
KBS Drama Production Halted After 8 Billion Won Fund Disappearance Allegation
According to KBS union officials, Ahn disappeared with 8 billion won in production funds for the KBS 2TV weekend drama 'Love Other Than You' scheduled for September broadcast during the third week of July. The drama, produced by Unichem, has halted filming. KBS union stated that Unichem is a company involved in fur, leather, and hide production with no prior connection to the drama and entertainment industry, and that Ahn acquired the company after Ark Media became embroiled in corruption allegations. The union raised suspicions of collusion between production companies and broadcasting executives in the selection of outsourced production companies and fund execution processes. Multiple attempts by reporters to contact Ahn for comment were unsuccessful as his mobile phone was turned off.
Ahn's Career Path Through Story Hunter, Ark Media, and Unichem
Ahn, born in 1982, founded content production company Story Hunter in 2019. After Story Hunter was absorbed and merged into Ark Media in 2021, Ahn became CEO of Ark Media. Ark Media is a production company whose largest shareholder is a private equity fund led by OneAsia Partners CEO Ji Chang-bae, and produced Disney Plus original series 'Casino' among other works. Ahn subsequently joined Unichem's entertainment division as head in May 2025, overseeing related business operations.
Korea Zinc's 560 Billion Won Investment in OneAsia Funds and Ji Chang-bae's Legal Issues
Ark Media's largest shareholder is the private equity fund 'Korea Growth Fund No. 1' established by OneAsia Partners. Korea Zinc is the largest limited partner investor in this fund and other OneAsia funds. According to Youngpoong, Korea Zinc invested a total of 560 billion won in OneAsia funds from 2019 to 2023 during the tenure of Chairman Choi as president. Six out of eight OneAsia funds have Korea Zinc ownership stakes exceeding 96%, making Korea Zinc effectively the sole limited partner. Korea Zinc Chairman Choi Yoon-beom and Ji are middle school classmates. Ji received a first-instance sentence of three years in prison with a four-year suspended sentence in October for embezzlement and breach of trust under the Act on the Aggravated Punishment of Specific Economic Crimes related to allegations of misappropriating fund assets, separate from SM Entertainment stock manipulation allegations, and is currently in the appeals process. Korea Zinc previously received measures including recommendations to dismiss responsible executives from the Financial Services Commission after being found to have failed to disclose special related-party transactions involving subsidiaries in financial statement notes.
FAQ
What did Unichem disclose on July 23?
Unichem disclosed on July 23 that internal director Ahn embezzled 1.5 billion won, equivalent to 1.14% of the company's equity. The company discovered the embezzlement through an internal audit and stated it will file complaints with investigative authorities following legal procedures.
Why was the KBS drama 'Love Other Than You' production halted?
According to KBS union officials, production halted after Ahn allegedly disappeared with 8 billion won in production funds during the third week of July. Unichem was responsible for producing the drama, which was scheduled for September broadcast on KBS 2TV.
How much did Korea Zinc invest in OneAsia Partners funds?
According to Youngpoong, Korea Zinc invested a total of 560 billion won in OneAsia funds from 2019 to 2023. Korea Zinc holds ownership stakes exceeding 96% in six out of eight OneAsia funds, making it effectively the sole limited partner investor.
