Polaris Entertainment been raided by the Korean government and IRS, resulting in executives from the company including President Lee Gyu Tae being arrested.
On the morning of March 11th, the parent company that owns Polaris Entertainment, Ilkwang Group, was raided along with ten of their offices. The President’s home was also searched by the Korean government and IRS. This is the same executive that was involved in the massive scandal involving model and singer, Clara.
Ilkwang Group is a manufacturing company that is involved in government contracts for South Korea, including the Korean military, airfare and navy. The company also owns multiple subsidiaries involved in all sides of business, such as Polaris Entertainment.
The government was revealed to have confiscated sensitive documents and hard drives in order to build a case against the company for embezzlement. The company is being accused of over charging the military drastically for their services, specifically the “EWTS” program.
The EWTS is a training apparatus used for pilots to help them get used to frequency disturbances in case of war to better enable the chance of their survival.
Rumors are emerging that Polaris Entertainment was also shutdown, however, no Korean media have reported this as fact as of yet.
This puts artist Iron in a bind, as he was set to debut under Polaris Entertainment as early as next week.
Source: TV Report