Actor Cha Eun-woo, a member of the group ASTRO, is embroiled in allegations of tax evasion amounting to 20 billion KRW, bringing renewed public attention to the “jinx” surrounding Shinhan Financial Group’s advertisement models.
Cha Eun-woo, currently serving in the military, faces accusations of tax evasion involving hundreds of billions of KRW through a corporation established by his mother. An investigation by the Seoul Regional Tax Office reportedly concluded that he allegedly utilized a one-person agency with no actual business activities to disperse income. Subsequently, he was reportedly notified to pay approximately 20 billion KRW in income tax, a sum considered extraordinary even within the entertainment industry, causing considerable repercussions.
In response, Cha Eun-woo’s agency, Fantagio, stated, “This is not a finalized or officially reported issue, and we plan to actively clarify our position through lawful procedures concerning the points of controversy related to the interpretation and application of the law.”
However, the advertising industry was quick to distance itself from Cha Eun-woo. Skincare brand ABIB has deleted or privatized all promotional videos and posts featuring Cha Eun-woo from its official YouTube channel and Instagram.
Shinhan Bank also deleted or privatized all posts featuring Cha Eun-woo from its YouTube channel and social media.
Shinhan Bank had previously selected Cha Eun-woo as the new model for its group savings account, where he prominently appeared with the phrase “a handsome account for well-gathered savings.”
This incident casts new light on Shinhan Financial Group’s previous ad models, as its recent selections have consecutively been embroiled in controversy.
Actor Kim Soo-hyun, chosen as the model for its premier asset management service, faded from advertisements after allegations surfaced regarding his past relationship with Kim Sae-ron during her minor years.
After debuting in 2022, NewJeans was selected as the model for Shinhan Bank’s new SOL app, which yielded positive promotional effects. The group was even utilized as the face for the group-integrated app “Shinhan SuperSOL.” However, a prolonged exclusive contract dispute with their agency ADOR naturally led to the contract’s termination.
Amidst these developments, Shinhan Financial aimed for a change in atmosphere by engaging Cha Eun-woo last year as a new model. His commercial video garnered millions of views within just a month of its release, demonstrating tremendous impact.
However, with Cha Eun-woo now embroiled in tax evasion allegations, he is effectively being dropped as an advertisement model. This situation raises questions about whether the finance industry might halt marketing campaigns featuring entertainment stars altogether in the future.
