Im Chang-jung denies his involvement in alleged cap manipulation

Singer Im Chang-jung [NEWS1]

Singer Im Chang-jung denied a media report that he had been a part of a stock manipulation case that is currently under investigation, saying he's a victim, not a culprit.

JTBC alleged in a report Monday that the singer gave speeches to persuade other guests to join the investing plan at a VIP event hosted by the suspected stock manipulating group. The report was followed by another on Tuesday that said Im had followed and helped the alleged group in acquiring a golf course in the U.S.

Im had previously claimed to be a victim of the alleged scheme.

Eight stocks listed in the Korean stock market, including Daesung Holdings, Seoul City Gas and Sebang, have been nosediving to the daily limit of 30 percent following mass sell-offs through SG Securities Korea since April 24 due to the alleged stock fraud case.

Im said that the contract to buy the golf course was already signed in February and that he only visited the venue in March because of an ongoing golf show he is shooting for, not for the acquisition deal.

"Im Chang-jung did not take any part in acquiring the golf course," his agency said in a statement on Wednesday.

The agency also denied JTBC's report that Im had attended a VIP event by the suspected swindlers and gave a speech on the site to ask the audience to join in the investment plan of the group.

JTBC released a video in which Im calls Ra Deok-yeon's investment capabilities "religious." Ra is the head of the investment consulting firm under investigation.

"Media did not ask Im's agency for any confirmation regarding the recent reports, and we would also like to express our regret against JTBC for their continued malicious reporting," the agency said.

On Saturday, a YouTuber claimed Im's agency had sent him messages asking him to take down his parody videos on his channel that implied Im was complicit in the alleged manipulation case. He also claimed the agency warned it would take legal action against him.