MBC‘s News Desk has reported on the identity and investments of Seungri‘s foreign investor, Madam Lin, who also invested in the Club Burning Sun.
Last week’s episode of The It’s Know focused on this very person and revealed that she held a 20% share of Burning Sun and was also an investor of Seungri’s Yuri Holdings.
In an interview with News Desk, an acquaintance of Madam Lin revealed that much of the information that has been spread about the woman including her ties to Suncity Group and Chinese triads was not true.
Unlike what many people think, Madam Lin is not correlated to the Suncity Group of Hong Kong casinos.
ㅡ Acquaintance of Madam Lin
Madam Lin is a wealthy woman from Taiwan and the type of work she does or how she accumulated her wealth is unknown. Her hobbies include collecting luxury items and she is known to be a big fan of Seungri and G-Dragon.
In particular, she paid a deposit of 500 million KRW ($440,000 USD) and received a public investment immigrant visa to freely travel back and forth from Korea with her family. She brought her daughters to Korea and introduced them to celebrities and uploaded photos onto her social media.
She owns 3 luxury apartments in Korea including a penthouse in the Lotte World Tower, which she purchased in October 2018 at 24 billion KRW ($21.1 million USD). In January 2017, she purchased an apartment in front of G-Dragon’s apartment at the Galleria Foret for 3.8 billion KRW ($3.3 million KRW) and an apartment at Hannam the Hill for 4 billion KRW ($3.5 million KRW). With the addition of the 1 billion KRW ($880,000 USD) investment in Burning Sun and additional unknown investments, Madam Lin’s investment in Korea is estimated to add up to over 30 billion KRW ($26.4 million USD).
Despite this huge amount of investment, Madam Lin does not have any record of reporting cash brought into Korea to the Korea Customs Service.
Last July, Madam Lin established a suspicious company called WXB, which is suspected to be a paper company with a capital of 5 million KRW ($4,400 USD).
News Desk reported that Madam Lin had most likely used Club Burning Sun as a location for money laundering as well. She had reportedly ordered alcohol at Burning Sun and paid 2-3 times the amount of her bill. She would then receive the difference through a fake deposit bank passbook. The passbook was registered under the name of a club promoter and the money listed as an incentive.
Meanwhile, Madam Lin returned to Taiwan after the Seungri scandal broke out.