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Kim Ha-seop, CEO of Medipresso and a cast member known as "Yeongsu" on the ENA and SBS Plus reality program "I Am Solo" Season 28's divorced singles special, has apologized after controversy erupted over the abrupt bankruptcy of his company, which had raised 7 billion won ($4.56 million) in investment. "It is entirely my responsibility, and I have no excuse," he said.
Kim posted a lengthy statement on his social media account on Saturday addressing the controversy surrounding Medipresso's bankruptcy proceedings.
"I started my career in my 20s at SK Hynix, and in my 30s, feeling I could not afford to wait any longer, I founded Medipresso and ran it for about eight years," he wrote. "In my 40s, I had the chance to appear on 'I Am Solo,' and seeing viewers who liked me despite my shortcomings and awkwardness made me truly grateful."
Turning to the company's financial difficulties, Kim said that last year a series of internal and external setbacks struck all at once, plunging the company into a cash crisis. "I poured in my personal assets as an emergency measure, but ultimately the company entered court receivership proceedings at the start of this month," he said. "Right now I am in the process of winding down the company under the court's direction."
He added that he was liquidating what little personal property he had left in order to fulfill his responsibilities to the end. "Even if I end up with nothing, I am doing my best to minimize harm to those around me," he said. "To those who have suffered losses, I am truly sorry and have no words."
Kim also addressed recent allegations that he had gone incommunicado, saying the misunderstanding appeared to stem from a change in his mobile phone number. "Because I had been keeping in touch with people through social media, I did not actively share my new number," he explained. "Still, I have consistently been in contact with those around me through group chats and social media."
"Everything that has happened is ultimately the result of my own inadequacy and lack of ability — it is entirely my fault, and I am deeply sorry and ashamed," Kim said. He nonetheless expressed a determination to rebuild, saying he would use the experience as a stepping stone to become a more mature person who looks out for others and contributes to society.
Medipresso, founded in 2016, was a startup that drew attention with a product encapsulating traditional Korean herbal teas in capsule form, successfully attracting multiple rounds of investment. Controversy erupted when it became known that the company had filed for bankruptcy in May after a prolonged period of deteriorating earnings and mounting financial difficulties.
Some investors pushed back, claiming they had not been adequately informed of the bankruptcy filing. The controversy deepened after allegations emerged that shareholders had been briefed on prospects for a business turnaround at a shareholder meeting, only to be abruptly notified of the bankruptcy shortly afterward. Some shareholders are reportedly considering legal action.
Medipresso built its profile around capsule-format products that allow traditional teas to be brewed like coffee, and is reported to have raised a cumulative 7 billion won in investment. The company had been running at a loss since 2021. It filed for bankruptcy on May 3 and received a bankruptcy ruling on June 3 — one month later.
Kim drew criticism after it emerged that he had held a shareholder meeting to present a business normalization plan without disclosing the bankruptcy filing, before abruptly notifying investors of the bankruptcy.
betterj@heraldcorp.com
