Rep. Ju says company received 30.6 billion won from Korea Development Bank, Industrial Bank of Korea

15-story building under construction on prime land near Hongdae

'If left alone, it will make more history-distorting films'

As controversy over "The Assassin," a film depicting the shooting of first lady Yuk Young-soo, continues to spread, some People Power Party lawmakers joined the criticism Monday, calling it "historical distortion that cannot be justified as freedom of expression." [Yonhap]
As controversy over "The Assassin," a film depicting the shooting of first lady Yuk Young-soo, continues to spread, some People Power Party lawmakers joined the criticism Monday, calling it "historical distortion that cannot be justified as freedom of expression." [Yonhap]

Amid the growing controversy over the film "The Assassin" and its alleged distortion of history, allegations have now emerged that the production company used investment funds from state-run banks to build its new headquarters.

People Power Party lawmaker Ju Jin-woo held a press conference at the National Assembly's media center Sunday, claiming that Hive MEDIAcorp, the production company behind "The Assassin," received investment funds from state-run Korea Development Bank and Industrial Bank of Korea and has been using the money to construct a building.

Ju said the company is building a 15-story structure on prime land near Hongdae in Seoul. "The construction is not being funded by the production company's own money — 30.6 billion won ($22.5 million) in direct and indirect investment from Korea Development Bank and Industrial Bank of Korea has in effect been channeled into it," he said.

Ju said Korea Development Bank and Industrial Bank of Korea invested 14 billion won and 14.2 billion won, respectively, in Hive MEDIAcorp on July 1 through direct and indirect means, while 2.4 billion won was invested in "The Assassin" itself.

On that basis, Ju argued that "a mortgage was set up on the land at the same time as the investment," describing the arrangement as "a structure where investment funds are being recycled to cover construction costs."

He added that Hive MEDIAcorp purchased the site and building in April 2021 for just 12.7 billion won, and that once the 15-story building is completed, its market value could reach hundreds of billions of won.

People Power Party lawmaker Ju Jin-woo holds up a photo of a building under construction in Mapo-gu, Seoul, near Hongdae during a press conference at the National Assembly on Sunday, where he raised allegations that funds invested by Korea Development Bank and Industrial Bank of Korea were used to build the new headquarters of Hive MEDIAcorp, the production company behind "The Assassin." [Yonhap]
People Power Party lawmaker Ju Jin-woo holds up a photo of a building under construction in Mapo-gu, Seoul, near Hongdae during a press conference at the National Assembly on Sunday, where he raised allegations that funds invested by Korea Development Bank and Industrial Bank of Korea were used to build the new headquarters of Hive MEDIAcorp, the production company behind "The Assassin." [Yonhap]

Ju also said that Korea Development Bank Chairman Park Sang-jin is a classmate of President Lee Jae Myung from their time at Chung-Ang University Law School and a friend from their bar exam study group, adding that the president also appointed the head of Industrial Bank of Korea.

"What kind of connections does this production company have that it can so easily receive funds from state banks while building a 15-story building near Hongdae to make a fortune?" he said. He urged Korea Development Bank and Industrial Bank of Korea to immediately recover the investment and called for an investigation into the circumstances surrounding it.

Speaking to reporters after the press conference, Ju said, "The 30.6 billion won came from state banks, which means it is essentially public money," adding, "If the production company walks away with the illegal profits, it will go on to make more history-distorting films."

On the film's invitations to overseas festivals, Ju said his office had already sent a letter to the organizers of the Singapore International Film Festival requesting the screening be withdrawn, and that a new letter signed by all National Assembly members, led by the floor leadership, was planned.

He added that the film had been invited to several international film festivals, including ones in Brazil and Toronto. "Having a history-distorting film screened internationally is a national embarrassment, character assassination and an insult to the country's dignity," he said.

"The Assassin" is a film based on the shooting death of first lady Yuk Young-soo at a Liberation Day ceremony on Aug. 15, 1974. Since its opening on Sept. 23, it has been mired in controversy over alleged historical distortion.


carrier@heraldcorp.com