[Exclusive] Song Seung-jun Hit With Debt Default Controversy; Court Orders Payment of 100 Million Won

“Fireball” Song Seung-jun (45) has been swept up in a debt controversy! He has received a payment order due to a debt default totaling hundreds of millions of won. Song is pleading his innocence, claiming he “only stood as a joint guarantor.”

On the 6th, the Daegu District Court ordered Song Seung-jun to “pay 110 million won to creditor A.” This amount consists of a 100 million won principal plus 10 million won in agreed interest.

In December 2024, Song and an acquaintance borrowed 100 million won from A, a resident of Daegu, claiming the funds were needed for business operations. The two promised to pay the money back within one month.

Song had dipped his toes into a massive development project. The plan was to create a complex leisure center in the Gyeongnam region, centered around Busan, combining baseball, soccer, and golf. The ambitious plan included two baseball fields, one soccer field, a 27-hole golf course, and a hotel on a 2.4 million pyeong site.

The project’s estimated cost was 1.8 trillion won over five years. However, the actual existence of this project remains unverified. Furthermore, the project leader, Mr. B, is currently incarcerated in Anyang Prison. He reportedly deceived those around him by pretending to be an asset holder with thousands of trillions of won.

It appears the borrowed money was used for project officials. Song explained to Dispatch, “I simply signed as a joint debtor when my acquaintance borrowed the 100 million won. I did not use the money for myself.”

Song’s acquaintance stated, “There is a disagreement regarding the amount,” adding, “The amount to be paid is 55 million won. However, we will not file an objection and plan to pay back at least a portion of it as soon as possible.”

The creditor has a different perspective, stating they would not have lent the money if it weren’t for Song. “The court recognized the debt amount of 100 million won,” the creditor lamented, “I never imagined I would be deceived like this by a celebrity like Song Seung-jun.”

According to the creditor, Song and his acquaintance have not repaid the money for one year and five months. The creditor expressed frustration, saying, “(Song) just kept talking about ‘confirming a balance of thousands of trillions in the bank account’ while showing a letter from prison.”

The Daegu District Court accepted the creditor’s claims, ruling that the debtor must pay the 100 million won principal, 10 million won in interest, and trial costs. As soon as the investigation began, Song hurriedly deposited 50 million won on the 15th.

Creditor A told Dispatch, “Song’s side gave me false hope for one year and five months without paying the money back. It is bitter to see him hurriedly deposit money just to block the report.”