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![My fellow Kenyans, Many of you have seen my recent posts about the deadly cancer that is corruption in our country. In my last post, I tried to paint a picture of the disconnect between our potential as a country and the economic circumstances we find ourselves in today, and the connection between corruption and the incalculable pain and suffering and cruelty that is meted out every single day to the most vulnerable among us by thieves operating out of public office. And after covering the goings-on in Mandera County, I told you that in my honest opinion, our governments exist to cater for the filthy-rich lifestyles of the vilest and most corrupt among us, at the expense of everyone else. I received tremendous support from all of you, for speaking on behalf of so many struggling Kenyans who don’t have a voice, or the audience necessary to spark the much-needed discussion about where we are heading as a country. But even with all that support, I have received messages asking me to be careful. One compatriot told me: “prepare to be relentlessly pursued, threatened, enticed, guilt-tripped, and gas-lit”. This is from a someone who knows how our government operates, and how it uses violence and its monopoly on power to silence those who question why politicians are stealing so much. I am not naive about the dangers of speaking up and calling out thieves who control state machinery, and who possess the ability to shut me up in a few seconds. But I will tell you why we CAN NOT and MUST NOT keep quiet. In November of 2023, I stumbled upon the story of a young man from Turkana, Calvin Esekon Esewit , who, despite scoring an A-, and getting an acceptance into medical school, spent two years not knowing whether his dreams of becoming a doctor would ever come true. I was moved by that story in a way that I can never adequately explain. I could not understand how it is possible that, in our country, a young man who appears to be every parent’s dream child can spend two years in limbo while we as a country possess the ability to invest in our best and brightest. And so, I spent weeks trying to chase down Calvin to see how I could help him attend college. After a lot of searching, I finally found Calvin, and by this time he had managed to get some help and is now in college. While this story has a great ending, it did not to be this way. And we know that the number of cases that end like this, with some success, are a small fraction of those ones which end tragically, with broken dreams. This is what happens when corruption consumes anything and everything in a country. It destroys lives. See attached video to learn about Calvin's story. I tell you all this story because it provides context to today's topic. For one story like this one that you see on the news, there are millions that never make the news. But they are real situations, nonetheless. There are millions of your compatriots who are devastated by this killer cancer of corruption that is perpetuated by people that you and I have put into public office ostensibly to improve our lives. They go into these offices and abuse the trust you bestowed upon them and deny you and everyone else a decent opportunity in life. You see, Calvin and millions of other victims of this shameless level of corruption and plunder have no voice, and no real ability to look the thieves that are destroying lives and generations of Kenyans in eye and tell them to stop this unbearable pain and the cruelty. This is the reason I embarked on this journey to attempt to expose this shameful situation. Watch the attached video of Calvin’s situation, and I am sure that you will agree that the millions of Calvins in our country need a voice, NO MATTER THE RISK. The thieves that are destroying the futures of millions of children just so they can have beachside homes in Miami, Dubai and other places count on the idea that most people will fear for their lives, and therefore not speak up. They count on the growing apathy in the Kenyan psyche. But we cannot give in to that. We cannot cower to thieves. We must look them straight in the eye and tell them that they MUST STOP. If we don't, our children and their children are guaranteed the same level of cruelty. And so with that, today I want to talk about the utterly insane crime scene that is Turkana County. I don’t know any other way to describe it, other than, it is a “shit-show”. Just follow along, and let me know if you disagree. As I did in my previous commentary, I will ask you to indulge me a little bit, and allow me to use a couple of pictures, because pictures speak louder than a thousand words. The first picture shows the state-of-the art County Government offices, that the County Government of Turkana decided to invest an ungodly amount of money on. Close to a billion shillings. The second picture is a classroom in session. In Turkana County. These two realities are occurring in parallel in the same county, at the same time. Ladies and gentlemen, let me just tell you that I do not go out of my way to find bad news. I want stories that would help re-affirm our belief in the fundamental decency of human beings. When I find good news as I review these Counties’ decisions and how they behave with our resources, I will be the first one to report it to you. But I don’t have any good news today. I have bad news. If you read my commentary yesterday and were offended by what you saw, I am afraid you might not make it to the end of this article, because what you will hear will be quite shocking. The cancer of corruption, particularly at the County Government level, is worse than your wildest imagination. And so, as I like to do, I like to start off by putting some numbers on the table for us to use as reference points. Bear in my that all the information I put in this article is publicly available. Nothing came to me through a whistle blower. The first number is KSH 100 Billion. With a B. In the last decade or so, you and I, through the National Government, has sent over KSH 100 billion to Turkana County. To support recurrent expenditure, and development. For example, in the 2022-2023 fiscal year, we sent KSH 12.6 billion. In the 2021-2022 fiscal year, we sent KSH 11.4 billion. And on and on and on. The second number is 1 million. This is the population of Turkana County. The third number is KSH 18.4 billion. This was Turkana County’s budget for the 2022-2023 fiscal year. The fourth number is KSH 190 million. This was the amount of money that Turkana County was able to generate on its own accord within the county, from all its investments and other activities in the period in question. This number is an important proxy, in my view, for the value of the county’s economic prospects for the foreseeable future, and to people that are not driven by greed and corruption, would be an important consideration when they are thinking about how and where to deploy your money as taxpayers. If you are doing the math, Turkana County, for the 2022-2023 fiscal year, was only able to raise 1% of the funds needed to keep the lights on. 99% came from you and I, and a tiny amount from grants. The next number is KSH 129, 040. This is the average ANNUAL [emphasis added] income of a resident of Turkana County ( Keep that number in mind when we are discussing the massive theft of public funds by Turkana County leaders. The next number is 80%. 80% of the residents of Turkana County live below the poverty line. They have a really difficult time putting food on the table. ( The next number is KSH 12 Million. This is the basic salary of the Governor of Turkana County before other benefits that, as I explained yesterday, can often double the salary. Remember the “housing allowance”, the “hardship allowance”, the “commuter allowance”, the “risk allowance”, the “extraneous allowance”, etc.? Remember that? I still cannot figure out, for the life of me, what “extraneous” means in the context of County business, but we don’t time to dwell on this. The next number is 93. The Governor of Turkana County makes 93 times the average Turkana County resident’s annual income. 93 times! The next number is 82%. This was the percentage of people that were illiterate in Turkana County in 2013 ( Could not read or write. A point to note about the above literacy figure. Ten years later, and despite over KSH 100 billion is spent in Turkana County, including many billions for education, that literacy rate HAS NOT CHANGED ONE BIT. Only 20% of the population can read or write today. ( KSH 829 million. This is how much it cost to build the County Government offices. Yes, the ones shown in the first picture. KSH 120 million. The County Government decided that it was prudent to pay a contractor KSH 120 million to construct the Governor’s personal residence. Get this, even after this payment, no construction took place. The money was stolen. All of it. KSH 90 Million. This is the amount that the County Government paid to another contractor, to build the Governor a mansion, having previously lost KSH 120 million. So, the tally for the Governor’s residence now stands at KSH 210 million. Never mind that the limit allowed by law is KSH 45 million. KSH 5 billion. In the last days of his term in office, an outgoing Governor of Turkana, Koli Nanok, EGH. , sought to inflate pending bills by adding KSH 5 billion so that it can be paid to his criminal cartel. KSH 5 billion. We have our key numbers, ladies and gentlemen, so let us discuss. So, we have a county that is dead last in literacy, and in the top 2 of the poorest counties in the republic. Only 20% of the population can read. The Governor earns 92 times the average citizen. The Governor lives in a house that cost over KSH 200 million. When he leaves his house in the morning, he goes to his office that cost KSH 829 million. And this is all happening when 80% of the County residents struggle to put food on the table. Those are the facts, and they are not in dispute. During the same time, the County Government geniuses decide to build the Speaker of the County Assembly a house. And a home office, and a garage. The house was initially estimated to cost KSH 75 million. But due to circumstances that not a soul in the government could explain to auditors, the contract expired before the house was completed, and the County Government found a new contractor to complete the job for an additional KSH 29 million. But this palace in the jungle worth apparently worth over KSH 100 million in Turkana County was not enough. The County proceeded to build the Speaker a guest house for another KSH 19 million, and a few other amenities, and so the whole cost went to KSH 276 million! The legal limit for a Speaker’s house is KSH 35 million, and they spent close to KSH 130 million just for one residence. By this time, I am sure you are getting tired of these obscene numbers. You and I work, and pay taxes. Nobody pays you 92 times the income your average neighbor is making. And for sure nobody will drop KSH 100 million to build you a house. These are the perks of working in government in a poor country. Go figure. And so, as a country, we need to answer for ourselves the question I posed yesterday, which is, what is the point of government? What is its role in our lives. If this level of criminality and pillaging can occur in our country in the midst of so much poverty, questioning the need for government is a totally valid question. I said in my last post that, when the average citizen looks at the thug on the street and the government, and is unable to discern any meaningful difference between them, that society from that point on is on its journey to becoming a failed state. A journey to anarchy. Over the last two months or so, Kenyans have been shouting at the top of their lungs, begging for their government to listen. To hear them out. Kenyans have asked that their government stop this unbelievable level of plunder. Dozens of Kenyans have died, thousands injured, and many more are missing today. To this day, the people that govern us continue to use the power of the gun to subdue Kenyans, until they can take everything in their sight. And so, as a society, we all have to ask whether today there is any difference between the thug on the street and our governments. Every Kenyan will have to answer this question for themselves. And before answering this question, everyone needs to remember the many Calvins in our society. Smart, upright children whose only crime is to be born in an unforgiving, lawless, and corrupt purgatory that is Kenya today. For myself, I have concluded that there is no difference between the thug on the street and our governments, county and national alike. If you can see any meaningful difference, let me know. I am willing to listen. So despite over KSH 100 billion in money sent to Turkana County, there is almost no measurable improvement in people’s life today. None. And it makes sense, when you look at how that money is spent. I want you to forget for a second the obscene obsession by the County Government with spending ungodly amounts of money on themselves. The houses, etc. If you step back and look at how the government is actually spending the hard-earned money on other things, you will be depressed. I am telling you that I wept three times in the middle of the night trying to make sense of this crazy situation in Turkana County. Three times. I have never imagined that human beings can be so greedy and cold-blooded. Think about this: In the couple of years I reviewed, the County spent around KSH 400 million annually in “tourism” initiatives, including marketing, and apparently upgrading certain facilities. KSH 400 million for tourism. In Turkana County. In 1 year. KSH 400 million per year in marketing and other money pits. The government’s own website says that the county gets around 3000 visitors per month. Around 36,000 per year. That’s them saying that, on their website. Are you curious to know the return on that KSH 400 million investment? I have an answer for you. Remember that I told you that the County has never raised more than KSH 200 million in a year within the county, despite its KSH 18.4 billion budget? Let me walk you through the breakdown of the absolutely embarrassing shit-show that is the County Government’s “own source revenue” operations. In 2022-2023, the County Government collected KSH 190 million locally against their KSH 18.4 billion budget. 1% of the budget. Remember, there is absolutely no requirement on the County to cut costs, or achieve certain local revenue targets today. So they raised KSH 45 million in single business permits, KSH 72 million in CESS, KSH 8 million in market fee, KSH 9 million in “slaughter fees”. And then finally, there is the return on the tourism investment that you were looking for. A whopping KSH 209, 000 in “park fees”. KSH 209,000 in fees, after investing KSH 400 million. And so, take this as an example and extrapolate it across the entire budget, and you can see how one can spend KSH 100 billion and get NOTHING in return. You don’t need to be a genius to see the absurdity of this situation. Let me explain using an example that should illustrate the utter dimwittedness of this situation. Remember the KSH 100 billion sent to Turkana by you and me? Part of this amount is supposed to be for “service delivery”, or “recurrent expenditure”. Usually about 70% of the budget. The balance, 30%, is designed to go to development projects. With that in mind, from KSH 100 billion, the County apparently has made KSH 30 billion worth of investments, right? 30% of the KSH 100 billion. Now, if you employed someone to run a business for you, and they asked you to invest KSH 30 billion, which is no small fortune, at some point you would have to start seeing returns, right? That’s common sense, isn’t it? So, when we look at the revenues streams that make up this paltry sum of KSH 190 million, and see things like “slaughter fees’ and “market fees”, what does it tell you? It tells me there is no real “development” happening in that county. Trust me, if you had real development totaling KSH 30 billion, you would have corporate taxes in the hundreds of millions or billions, a booming real estate market, rising wages and standards of living, etc., low unemployment, etc. You would not have 80% of the people living hand-to mouth, and a County Government that can not afford to support itself for 5 days out of the year that has 365 days! We do not have enough time, trust me, to deal with the shit-show that is Turkana County. Dealing with that mess would require a forensic team. I will just highlight a few of other “in your-face” type of theft of public funds, and then conclude my submission. A government that has a budget of KSH 18.4 billion annually, and which has never raised more than 1% of its budget had the wisdom to do the following with your money: · Spend KSH 222 million on a project building something that NOBODY uses. You got that right. They spent KSH 222 million on a facility that NOBODY uses. KSH 222 million gone to waste, in a county that is dead last in pretty much all measures of human progress. · Remember the County Government offices that cost KSH 829 million? The County spent KSH 82 million on “air-conditioning” for that building. · Despite the County Spending hundreds of millions for the top three officers of the County, the Governor and his Deputy, in the 2022-2023 year, illegally charged the county (you and I) KSH 2.2 million in housing allowance! · Built two facilities for KSH 16 million, that were completed, but NOBODY uses them. · Entered into a contract for the construction of a plastic use facility for KSH 13 million in 2021. The contractor gets paid KSH 4.9 million, and has never been seen since. · Paid out KSH 62 million in salaries that were not supportable in just one year. They could not point to anybody and say, that is who we paid. · Paid out KSH 27 million in legal fees that nobody could say what they related to. And the County’s Legal Advisor, who, in 2022-2023, had a budget of KSH 123 million, apparently did not know anything about it! · Had an outstanding bill at Kenya Revenue Authority in the amount of KSH 486 million, that did not show up on the County Government’s financial statements. Think about that. KSH 486 million owned to the Kenya Revenue Authority, and that liability is not on the financial statements! This only means that someone took those funds for themselves, which is why the liability would be missing from the county’s books. · Could not account for KSH 367 million in expenditures for 2022-2023. KSH 367 million, in unexplained expenses. · Awarded a contract worth over KSH 200 million to a bidder with no bank statement, against the law. This contract was entered into and approved before the statutory time after the bidding process lapsed. Someone was in a hurry to get paid. KSH 200 million, illegally awarded to a bidder who did not have a 6-month bank statement. · Apparently purchased KSH 1.5 billion in assets in 2022-2023, but kept no records of the said assets. For this reason, NOBODY can verify where these assets are located. KSH 1.5 billion. Let me just say this. In my last article, the most common critique was that it was too long. Too many words. I did not intend to make another long article. Trust me when I tell you this, we do not have the time to detail half of the problems in Turkana County. For just 1 year! We do not. Now, you recall my point about how societies descend to madness and anarchy. In our country today, our leaders are accusing those of us who are agitating for honest and transparent governance of being traitors to the country. They call us anarchists, criminals, and merchants of chaos. They are questioning our patriotism. You have all seen the government and its horde of propagandists threatening the Ford Foundation and others because they may have helped civil society keep the lights on, and investigative journalists to have the capacity to continue to do the Lord’s work of investigating criminality in government. As though citizens are so dumb and ignorant, that they cannot see what is going on. The reason why millions of Calvins in this country will never graduate from college and earn a decent living is not because of the Ford Foundation. No. It is because of the thieves we have in office today, like the ones in Turkana County. In this post, I copy our leaders, the President and his deputy. I copy them because I want them to help Kenyans understand the following conundrum, about crime and criminals. There is nothing so special or peculiar about criminals or where they pop up. There are criminals in the US, Canada, France, and other places. Just like we have criminals in Kenya. The difference between banana republics and failed states, and civilized societies, is WHAT we do to and about criminals. In civilized societies, criminals are prosecuted and punished heavily. They are shunned. In some places, those charged with serious crimes such as corruption are executed. These are societies that are committed to sending the message that corruption, which robs citizens of their rights, is not acceptable. And they demonstrate this commitment by heavily punishing those who steal from the most vulnerable in society. In Kenya, we see the opposite. Criminals are exalted. They are promoted and embraced in government. It was just last week that the president unveiled his nominees for his Cabinet. Among them, are the likes of Hassan Ali Joho, EGH. , @GovWOparanya , and Davis Chirchir, ALL people who have been accused or charged with massive corruption against Kenyans. And am sure you remember that I mentioned Koli Nanok, EGH. , the man who tried to steal KSH 5 billion in his last days in office. Would you believe it if I told you that he works in government, at State House? He plunded billions of your money, got no measurable improvement in the lives of his subjects, and now has a government job in State House. Let that sink in. And so, the question is, how is it that in a country of 55 million people, with thousands of highly qualified people who have never ever stolen from Kenyans, he ends up with the criminals and thieves in the government, despite the fact that their crimes are in the public domain? How is this possible? Is it possible that these thieves possess a certain unique ability to run government, save Kenyans billions, and solve problems in a way that the president performs a cost-benefit analysis, and the benefits outweigh the costs of their theft? If not, what message does it send to Kenyans, when their own president puts into office known thieves? I think that is a fair question, don’t you? Dr. Ekuru Aukot Rigathi Gachagua William Samoei Ruto, PhD Okiya Omtatah Okoiti Citizen TV Kenya Nation Breaking News TI-Kenya CNN County Government of Turkana](https://image.24vids.com/tw-1818840969066037558/ext_tw_video_thumb/1818834432502951936/pu/img/ab9du2ECDO-A_5N7.jpg)
![HYBE and Min Hee-jin NewJeans Controversy from the Perspective of a 20-Year Entertainment Industry Expert | Kim Yoon-ji, Senior Researcher at the Overseas Economic Research Institute of the Export-Import Bank of Korea #1 [Investment Insight] 증시각도기TV HYBE has shown a somewhat immature side throughout this process. The essence of the issue has become less important. Hello, viewers and investors of Stock TV. Recently, there has been a lot of societal concern about the entertainment industry. Last year, it did well, but the question remains about how it will fare this year. We’re joined by Kim Yoon-ji, Senior Researcher at the Korea Eximbank Overseas Economic Research Institute, to discuss this. Welcome. Today, I brought a drink because this topic is not easy to discuss soberly. The situation between HYBE, Min Hee-jin, and NewJeans has escalated, and unfortunately, it’s no longer just management fighting but the artists have joined the fray. I’ve heard from someone in the industry that the close relationship between a producer and an artist is inevitable. In the past, there have been similar cases where producers and artists were tightly knit. Now, something similar has happened with Min Hee-jin and HYBE. Most people outside the industry don’t know the exact terms of the contract between Min Hee-jin and HYBE. As my own son works in the entertainment field, I’m well aware of how important it is to work with a good producer. For a company like HYBE, which has invested tens or even hundreds of billions of won, it’s unthinkable that they would allow NewJeans to separate and go independent after establishing their position. Many in the industry agree that this doesn’t make sense. To the general public, NewJeans might seem like the underdogs, and people might feel they should be allowed to leave. But from the perspective of the entertainment industry, which requires substantial capital to grow, the relationship between investors and artists is key. You can’t discuss this industry without acknowledging the role of investors. This case is different from situations where individual members leave, as seen in the past with groups that had Chinese members. This isn’t about a single member leaving; it’s more about the fact that, in this industry, the producers are as important as the artists themselves. From the beginning, NewJeans has been marketed as Min Hee-jin’s girl group, so the idea of them continuing without her feels different. We need to approach this from a different angle. That said, it doesn’t mean HYBE should completely cut ties. Many people have different initial thoughts about the situation, but the core issue here is the importance of the relationship between producers and the company, especially when substantial investment is involved. From my perspective, the fundamental question is: what exactly was attempted? I still find this unclear. In any company, it's common to hear people say, "I want to quit, I can't work with this boss, I'm leaving tomorrow." We all talk about this with friends or colleagues. Sometimes, we even ask others to let us know if there’s a good opportunity elsewhere. But actually submitting a resignation is a whole different issue. But in the new premise, I still wonder what exactly they were trying to do. What exactly was attempted? We always talk about it at work, right? "I'm going to quit. I can't work with that boss anymore. I'm leaving tomorrow." We always have those conversations. We talk about it with our friends, with team members, and even ask friends outside of work to let us know if they hear of any good positions. But actually submitting a resignation is a whole different issue, isn't it? Looking at how the situation first unfolded, it seems like HYBE was the one to bring things to light. They shared a lot with the press, and Min Hee-jin, the CEO, responded with a strong counterstatement. HYBE was saying, "Min Hee-jin is trying to do this and that," but CEO Min was like, "What else have I done apart from that message on KakaoTalk?" The court also judged that they weren't sure what actions had actually been attempted. To me, this seems like the fact of the matter. Clearly, HYBE's relationship with CEO Min Hee-jin might not be good. There could have been friction about how a subsidiary operates so independently from the parent company. There were likely various issues internally, but they should have been resolved within the company without making the problems visible externally. The fact that they let it spill outside before resolving it was a huge mistake on HYBE's part, revealing weaknesses in their management abilities. In my view, this has greatly devalued HYBE, becoming a powerful force that has dragged down their valuation. Throughout this process, HYBE displayed a level of immaturity, and the core of the issue became less important. The real concern for investors now is whether the company can effectively handle issues like these. Once this problem is resolved, can the remaining HYBE groups continue to grow securely? This business is all about reputation. HYBE is now seen as a company that ousts female CEOs simply because she didn't follow their orders. That perception leaves a lasting impression on people's minds, damaging the company's future operations. From an investor's perspective, two major incidents have happened in quick succession. The first was the boost in value during 2020 when HYBE sold a huge number of albums during COVID-19, creating the sense that the entertainment industry was Korea's next big sector. But then, this recent issue with Min Hee-jin, alongside BLACKPINK's contract situation, has put a serious damper on things. BLACKPINK didn't renew their contract as a group, and though they claim to continue working together in some capacity, it's not the same as before. YG Entertainment's profitability has plummeted, revealing how dependent they were on BLACKPINK. This has left investors wondering whether the entertainment business is just a limited-time, seven-year affair. If BLACKPINK had carried on smoothly into the next generation, it would have seemed like a sustainable business, and investors would have continued to trust in the long-term future of Korean entertainment. But now, we're seeing the cracks in that perception. It’s become a question of how to invest in a business with a lifespan of only seven years, when even the manufacturing industry lasts longer than that. The BLACKPINK incident and the NewJeans situation have both severely harmed investor confidence. HYBE's struggles with its artists are analogous to a manufacturing company facing a revolt from its workers. When investors look at this instability, they start questioning whether the business is even viable. The concept of sustainability has been seriously undermined, and the fact that the seven-year contract issue has been a long-standing concern doesn’t make it any easier to deal with. What used to reassure investors was the belief that when a seven-year contract ended, the company would already have the next seven years planned out, ready to sustain their business. That faith in the big entertainment companies has been shaken. Achieving the kind of success that BTS or BLACKPINK did is incredibly difficult, and passing the baton to the next generation is no simple task. Even though investors had faith that YG would produce another BLACKPINK-level group, now that trust is faltering. However, I do think people are now looking at contracts a bit differently. In the past, when a group disbanded, the members would scatter. But now, groups like BLACKPINK continue to work together even while pursuing solo projects. This shows that they understand the importance of sticking together, and I thought that this might help extend the longevity of these groups. But in reality, very few cases of disbanded groups have seen much success with individual members pursuing separate careers. There aren’t many examples where groups have stayed active for long, especially when individual members run into personal issues. Take Big Bang, for instance—they’ve been around for a while, but their personal scandals have made it hard for the group to recover fully. In the entertainment business, it’s rare for groups to last more than seven years, and age is also a factor. Once a group surpasses the seven-year mark, the members tend to be quite a bit older. With BTS, they need to show a fresh side if they’re to keep running strong. One of the most disheartening things mentioned by the members was that they didn’t feel respected. This ties into a larger issue in our society, as we're seeing with the national discussion around workplace bullying. If we think about how BTS achieved success, it's clear why this is such a serious issue. Back when BTS rose to fame, they shared how they weren’t from one of the top three agencies and positioned themselves as underdogs who worked hard to gain recognition. This resonated with many young people who felt that if you work hard enough, you can succeed, even without the backing of a major company. This message gave hope to many, not only in Korea but also globally. BTS’s fan base, especially in the U.S., includes many people who identify as outsiders, those who don’t feel they belong to the mainstream—whether in terms of race, culture, or social standing. For them, BTS was a source of inspiration, showing that you can still succeed even if you start from the margins. With NewJeans, though there’s talk about Min Hee-jin, the allegations of bullying within the company are hitting a sensitive nerve for fans. It’s unfortunate that the company allowed things to reach a point where such accusations were made. Even if the situation was mostly an internal conflict among the adults in charge, they should have handled it better to avoid involving the artists. In the past, we've seen similar issues, like with Big Bang’s various scandals, which were almost at the level of criminal activity. The current situation with NewJeans might not be as severe, but bullying and exclusion are still serious concerns. Ultimately, experiences like these can serve as valuable lessons for the entertainment industry. This situation has highlighted that the entertainment business is fundamentally about human relationships. From the artists to the products they create, everything revolves around people. The moment someone’s feelings are hurt or relationships are damaged, the entire business can collapse. The entertainment business is all about personal connections, something I've always believed. Recently, I heard about Naver Webtoon’s global success, and it's fascinating to think about how it has outgrown Kakao Webtoon, despite being a later player. Many factors contributed to this success, but someone mentioned that webtoons are also a "personal connection" business. Webtoon creators are tough to manage—they're artists, after all, and keeping them on schedule, especially with weekly deadlines, is a challenging task. CEO Kim Joong has managed to nurture relationships with these creators, making personal connections the backbone of the business. In the entertainment industry, particularly with idols, you can't overlook the importance of personal relationships. The key skill for managing this industry is the ability to connect deeply with both the creators and the artists. HYBE, for instance, doesn’t just need skilled managers who are good with finance or operations. What they truly need are people who can foster those personal relationships, especially when they’re dealing with artists as young as 13 or 15. It’s about ensuring that these young talents feel understood and cared for, so they can be inspired to do their best work. Managing young artists is tricky because their idea of success might be completely different from what adults think. A 13-year-old might not care about owning multiple houses—they might just want to spend time with their family or have the freedom to eat out whenever they want. The manager’s job is to tap into what motivates them and help them thrive in a way that’s meaningful to them. This kind of nurturing is not easy to scale. When a company grows too big, it’s challenging to maintain those close relationships. That's why multi-label approaches, like those seen in large entertainment agencies, are supposed to help. But if personal connections within those labels break down, the whole system can fall apart. This business model seems uniquely suited to Korea. It’s hard to imagine it working the same way in Japan, where there's a more hierarchical, command-driven structure. Japan's entertainment industry often depends on strong, central producers who direct everything. In contrast, Korean idols often rise through collective effort and personal connection, like BTS did. Despite the challenges, I believe Korea’s entertainment sector has room for long-term growth. Many of today’s youth are drawn to this field because it allows them to express their talents and passions. If scandals like the one with NewJeans continue to arise, however, it might dissuade some young people from pursuing these dreams. When you look at what NewJeans members have said, there’s not much to disagree with. They simply want to keep doing what they’ve always done and follow their own creative paths. Ensuring they have the freedom to do so can lead to even greater success. These days, if you ask middle or elementary school students what they want to be when they grow up, many of them will say they want to become idols or YouTubers. They believe that with enough effort, they can make it. The entertainment industry needs to be able to channel that passion and potential into something positive. If Min Hee-jin were to leave HYBE, it’s clear that many companies would be eager to work with her. She mentioned once that “everyone is crazy about money,” and I think that’s why there would be a long line of people wanting to meet with her if she decided to move on. Right now, for example, there are people in the entertainment industry, like CJ, who may not have fully established themselves, or even private investors, just waiting for an opportunity. Many of them are keeping an eye on Min Hee-jin leaving HYBE. This was evident during the recent Tokyo performance, where her creativity was on full display. It was incomparable. That’s why this situation is even more unfortunate. Some people say, "If it wasn’t for the money, how could that group have been created?" But I believe there are people who could have made it happen with or without money. That’s the crucial difference in this case. While I'm not an expert, I was touched by the process of recreating a hit song from a legendary Japanese female singer from the '80s. It felt like a major event. It was amazing because I had never seen anything like it before. Even though I wasn’t familiar with the original song, just seeing it was enough to draw in so much attention and make it feel like a historic moment. That’s what talent is—turning something simple, like a cover song, into a major event. I remember thinking, "How do the Japanese people feel about this?" because the crowd's reaction was incredible. The enthusiasm was surprising, and I wondered what they were thinking while watching it. This is the true power of Korean culture—it’s not just about promoting our own culture but also deeply resonating with others. The entertainment industry’s core business is making audiences happy and even obsessed. Min Hee-jin is undeniably a top-tier artist in this field. If she were to leave HYBE, there would be countless opportunities for her. But if HYBE mishandles this situation, it won’t just be about losing one person—it could destabilize everything. They really need to handle this carefully. As for stocks and investments, that's up to everyone’s individual decisions. We're just having a casual chat here about the entertainment industry. As someone with a child in the business and another who's analyzed the industry, we’re just relaxing with a casual discussion. So, let’s pour a drink and enjoy this conversation. 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