YouTuber ‘The God of Business’ Eun Hyun-jang (40) announced that he has acquired a 50% stake in the YouTube channel ‘Gaseyeon’ (Gaseyeon) after placing a provisional seizure on the corporate account in the name of the channel. Eun Hyun-jang, who claimed to have suffered damage from rumors spread by Gaseyeon, stated, “I will go all the way, even if I have to invest all my assets.”
On the 1st, Eun Hyun-jang revealed this in a video titled “The Fight with Seoul National University’s Kim Se-woo and KAIST’s Kim So-yeon Lawyer. I’m not confident anymore... I’m going to lose” on his YouTube channel.
Eun Hyun-jang introduced himself as “the God of War, Eun Hyun-jang.” He continued, “Today, I am going to finalize the purchase of 50% of Gaseyeon’s shares and go make the deposit,” adding, “Didn’t I proceed with the provisional seizure of 120 million won? This can be resolved over time. I will thoroughly investigate how many lies you (Kim Se-woo) have told, and I will dig into where you have gone with the company card. I hope you look forward to it.”
The video captured Eun Hyun-jang completing the stock purchase process. He asked a staff member, “Please send the transfer notification (to Gaseyeon) immediately,” and requested, “Please confirm the deposit. We need to finish this quickly. Please expedite the securities transaction tax report and other procedures.”
Afterward, he discussed with his lawyer, asking, “What can I request from Gaseyeon with this (stock) is important.” The lawyer explained, “As a shareholder, you will have general rights, including the right to claim profit distribution and the right to exercise voting rights or request a general meeting. Since you are a 50% shareholder, you exceed the threshold for minority shareholders, so you can also request to inspect accounting books or related documents.”
Eun Hyun-jang asked, “Can I check how the receipts were processed, to that extent?”
The lawyer replied, “If it is related to your claim, you can specify and request to inspect the parts that appear in the accounting books, and usually, documents like ledgers or receipts are included in that range. If a shareholder's request is legitimate but is denied, they can file a lawsuit to request inspection and copying. It can also be done in the form of a provisional disposition.”
Eun Hyun-jang further inquired, “Is it possible to separately claim damages from Kim Se-woo for mismanaging the company and causing harm?”
The lawyer explained, “If a director violates the law or the articles of incorporation or neglects their duties, they can be held liable for damages to the company. From a shareholder's perspective, you can ask the company to sue that director. If the company does not do it, the shareholder can do it. If there are misconducts related to their duties or violations of laws or articles of incorporation, and the general meeting does not dismiss them, a minority shareholder can request the court to dismiss the director. If the director is dismissed, the representative director will also automatically be unable to serve.”
Eun Hyun-jang stated, “The reason I purchased 50% of the shares is to normalize Gaseyeon (the corporation). I am not trying to eliminate Gaseyeon. I will change the name first. It will be called ‘Sero-Garo Research Institute.’”
Later, Eun Hyun-jang met with a tax accountant and mentioned, “Viewers may wonder whether Eun Hyun-jang could purchase 50% of the shares without Kim Se-woo, who holds 50% of Gaseyeon’s shares, knowing about it.”
The tax accountant responded, “There are cases where the articles of incorporation require notification or approval from the company’s directors when transferring shares. Most corporate stock companies often create standard articles of incorporation without such provisions. There is a high possibility that there is no approval process,” and explained, “The shareholder register records who owns the shares and who bought and sold them, and this process notifies the company of any changes among shareholders.”
Eun Hyun-jang added, “You can buy shares without the representative knowing. You just need to inform them after the purchase,” and emphasized, “If Gaseyeon’s articles of incorporation stated that shares could not be transferred to others, I would not have been able to buy these shares. I have checked the articles of incorporation thoroughly.” He further stated, “The articles of incorporation clearly state that ‘there are no restrictions on the sale of shares.’ Whether Kim Se-woo acknowledges it or not, that is irrelevant.”
According to Eun Hyun-jang, the 50% stake in Gaseyeon he acquired was previously held by lawyer Kang Yong-seok. Kang Yong-seok transferred it to person A, and Eun Hyun-jang purchased the shares from person A. Eun Hyun-jang disclosed supporting documents such as the stock purchase agreement and the securities transaction tax report created during the stock transfer transaction between lawyer Kang and person A, stating, “After the stock transfer, the transfer notification was made. However, Gaseyeon has not just completed the name transfer. It is Kim Se-woo who is failing to fulfill the legal obligations. Do you know that I can claim damages for this? Let’s go all the way this time.”
Gaseyeon’s side stated that they cannot recognize the stock transfer transaction between Kang Yong-seok and person A because they have filed a lawsuit against Kang Yong-seok, and therefore, they also cannot recognize the stock transfer transaction between person A and Eun Hyun-jang. Eun Hyun-jang responded, “That is their problem. It has nothing to do with me,” and asserted, “Even while Kang Yong-seok held the shares, the articles of incorporation stating ‘there are no restrictions on the sale of shares’ remained unchanged. What more needs to be said?”
Eun Hyun-jang previously announced that a court had accepted his application for provisional seizure of six accounts in the name of Gaseyeon and its representative, Kim Se-woo, prior to the share sale. The amount claimed for the seizure is 120 million won. It appears that the provisional seizure was initiated after Eun Hyun-jang filed a criminal complaint against Kim Se-woo for defamation and a civil lawsuit for damages amounting to 120 million won.
Eun Hyun-jang stated, “For over 10 months, I have been attacked by Gaseyeon with nonsensical rumors and have been sued for obstruction of business and stock manipulation. However, I have received all non-prosecution and no charges. I have been the only one harmed, while cyber racketeers have benefited. I will go all the way, even if I have to invest all my assets.”
Eun Hyun-jang started a chicken franchise with a capital of 30 million won and sold it for 20 billion won, gaining attention for publishing his autobiography ‘I Am the God of Business’ in 2021. He has also shown efforts to help struggling self-employed individuals through YouTube. He is currently reported to have assets worth around 500 billion won.
However, earlier this year, YouTubers from Gaseyeon and cyber racketeers (those who gain economic benefits from false content related to online issues) claimed that there is a discrepancy between the sale price of the chicken franchise company disclosed by Eun Hyun-jang and the actual sale price. Additionally, they raised suspicions that the brand Eun Hyun-jang sold is linked to the stock manipulation case involving Won Young-sik, the chairman of Green Snake Media, who was arrested last year for stock manipulation and breach of trust.
In response, Eun Hyun-jang stated in January, “I will make it so that those people cannot rise again, with costs that are beyond what they can handle,” and announced that he would prove the scale of the damage and claim compensation by stopping his YouTube activities.
[Kim So-yeon, Star Today Reporter]
