Joy King Enterprises suddenly contacted us to repay the loan within two weeks.” “However, in August, the loan was transferred to Joy King Enterprises and without our knowledge that the loan had been transferred. In 2020, due to COVID-19, we came to an agreement with Spectra SPC to extend the time period of the loan past what we had initially agreed with.” Kwon stated, “After we first received the loan from Spectra SPC in 2016, we paid off the loan diligently for about three years. Within one month of the transfer, Joy King Enterprises suddenly demanded that BLANC & ECLARE pay back the sum of $6.5 million, which included the interest, within two weeks. This is not Jessica’s personal debt, but a loan made to BLANC & ECLARE.” Referring to misleading reports that suggested the loan had been made to Jessica as an individual, he added, “Her character has been defamed.”Īccording to Tyler Kwon, BLANC & ECLARE had borrowed $4 million from Spectra SPC, and Spectra SPC later transferred that loan to Joy King Enterprises back in August. He added, “The situation is one that can be readily resolved.

Tyler Kwon explained that the situation was “unfair” and that it had arisen due to the loan being transferred to a new creditor.

On September 28, Tyler Kwon, who is the CEO of Jessica’s agency and her boyfriend, clarified the news reports by several Hong Kong media outlets that BLANC & ECLARE has been sued by Joy King Enterprises over an unpaid debt of $6.5 million. BLANC & ECLARE, a fashion brand founded in 2014 by Korean-American singer and actress Jessica Jung – formerly of K-pop girl group Girls’ Generation – is currently embroiled in a lawsuit for defaulting on a loan.

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