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Jessica Jung and her boyfriend Tyler Kwon have begun to receive flack from netizens after it was revealed that their company, Blanc & Eclare, was embroiled in a lawsuit.
Owing to the issue of an unpaid loan, Joy King Enterprises has taken the couple's company to court in order to seek an end to the matter. However, Tyler Kwon himself has come out and cleared some doubts regarding the details of the case, leading to commenters having a change of heart.
Jessica's agency Blanc & Eclare faces lawsuit, boyfriend and CEO Tyler Kwon clarifies
Jessica Jung was a member of Girls' Generation (also known as SNSD), a K-pop girl group under SM Entertainment. She parted ways with the group in 2014 and began pursuing a solo career as a singer and actor.
Jessica's sister, Krystal, is a member of the girl group f(x) under the same South Korean entertainment label, SM Entertainment.
In August 2014, Jessica founded her own luxury fashion brand named Blanc & Eclare. Currently, the CEO of the company is Tyler Kwon, her boyfriend. The two confirmed their relationship in 2016, when Jessica signed with Coridel Entertainment, which is owned by Tyler.
Earlier today, a report was released by The Standard (a Hong Kong-based news agency) claiming that Blanc & Eclare was facing a tremendous lawsuit over a failure to repay their loan.
Joy King Enterprises, a New York-based company, signed on to Spectra SPC as a money lender for Blanc Group (which manages Blanc & Eclare). According to the case filed by Joy King, Blanc & Eclare had failed to repay a $4 million loan that they had issued. Blanc borrowed $3 million in 2016 and $1 million in 2017.
A while later, Tyler Kwon himself spoke out on the supposed lawsuit and cleared the air for any allegations or misunderstandings that were springing through.
According to Tyler, they had initially made all the loan payments on time. After the COVID-19 situation took place, his side and Spectra SPC agreed to extend the time period of the loan payment.
What he didn't know at the time, however, was that Spectra would eventually transfer the loan to Joy King. Immediately after, the New York-based company asked that the loan be repaid in two weeks. After not being able to come to an agreement, Joy King Enterprises filed the lawsuit.
Tyler emphasized that the loan was not related to Jessica's personal finances, but rather that it pertained to Blanc & Eclare.
As news of the lawsuit is fresh, more details are yet to come out. Blanc & Eclare could very well repay the loan immediately along with the interest, or Joy King Enterprises may extend the date of the loan repayment.
Currently, Jessica Jung has not made any comment on the issue.
