Jessica Jung’s Boyfriend And CEO Of Her Agency Explains The Situation With The $6.5 Million Lawsuit Against Her Fashion Brand BLANC & ECLARE
Last night, it was revealed that BLANC & ECLARE was facing a lawsuit over an unpaid loan, it amounts to $6.5 million. The lawsuit was filed by Joy King Enterprises.
According to media reports, BLANC & ECLARE will likely struggle to pay back debt in time. BLANC & ECLARE is Jessica’s fashion brand that she’s established with her boyfriend and the CEO of her agency Tyler Kwon.
Tyler Kwon has taken it upon himself to personally address the rumors and explain why the situation is unfair towards Jessica.
He spoke to Korean news outlets and stated the situation can be easily resolved and has risen due to the loan being transferred to another enterprise. He also clarified that this wasn’t Jessica’s personal debt. He explained,
“At the beginning, we borrowed 4 million dollars (about 4.7 billion won) from ‘Spectra SPC’ twice in 2016 and 2017 and we paid them back diligently. The situation changed due to COVID-19 and it has become difficult to pay, so we agreed to extend the maturity date of the loan with Spectra from September 10 to the end of this year.”
But suddenly, at the end of August, another private equity investment firm Joy King Enterprises appeared and said that they had taken over the bonds of BLANC & ECLARE and demanded the $6.8 million [the loan plus interest] to be paid within two weeks, the deadline was September 10.”
Tyler Kwon explains that even large corporations would not be able to pay back such a large sum on a short notice, he attempted to ask them to give them some time but it didn’t work. Back in September, there were public holidays including Chuseok and the deadline was passed. This is what led to the lawsuit.
Tyler Kwon says the company is being sued not Jessica,
“It’s a pity that Jessica’s reputation was damaged by such reports. Sooner or later, we will repay back all the borrowed money and solve the problem.”
Source: (A)
