SEOUL, South Korea — K-pop star and actor Cha Eun-woo issued a personal apology Wednesday after settling a high-profile tax dispute with South Korea’s National Tax Service, confirming he has paid approximately 13 billion won ($8.7 million) following an initial assessment that exceeded 20 billion won and sparked widespread disappointment among fans.

The 29-year-old Astro member, whose real name is Lee Dong-min, posted a lengthy statement on his personal Instagram on April 8, taking full responsibility for the controversy and expressing deep regret for causing “disappointment and confusion” to supporters who have backed him throughout his career.

“Although it is late, I would like to personally share my thoughts and position now,” Cha wrote. “I respect the procedures and findings of the National Tax Service, and to prevent any further confusion, I have fully paid the related taxes. I will also diligently comply with any remaining procedures.”

He added: “Above all, I feel most terrible and sorry for disappointing my fans, AROHA, who have trusted and supported me. Because I have been active thanks to the love and support of so many people, I am taking this matter even more seriously and deeply. If there was anything I failed to examine carefully enough, all responsibility lies with me. I will not evade this by saying I ‘didn’t know’ or that it was ‘someone else’s decision’ for any reason.”

The statement marked Cha’s second public comment on the issue. In late January, shortly after reports of the tax probe surfaced, he had issued an initial apology while serving mandatory military duty, pledging to accept the authorities’ final decision.

The controversy erupted in January 2026 when Korean media reported that the Seoul Regional Tax Office had notified Cha of an additional tax assessment exceeding 20 billion won following an intensive audit conducted in the first half of 2025, before he enlisted in the military in July.

Authorities alleged that a significant portion of Cha’s earnings had been routed through a company established in October 2022 under his mother’s name. The National Tax Service determined the entity functioned primarily as a “paper company” with little genuine business activity, allowing income to be taxed at the lower corporate rate rather than the top personal income tax bracket of up to 45%. This arrangement allegedly reduced Cha’s overall tax burden by more than 20 percentage points.

The probe also examined his agency, Fantagio, which was ordered to pay 8.2 billion won in additional taxes last year. Tax officials reportedly summoned both Cha and his mother for questioning as part of the investigation.

On Thursday, April 9, Fantagio clarified to multiple outlets that while the initial assessment topped 20 billion won, overlapping payments in corporate and value-added taxes led to adjustments. The agency said an accountant informed them that Cha’s actual net burden after expected refunds would amount to about 13 billion won, which he has now paid in full.

The payment and apology have done little to quell public criticism. Many netizens expressed disappointment that the response came months after the initial reports and questioned the sincerity of Cha’s “good boy” image, which had made him one of South Korea’s most beloved celebrities and lucrative endorsers.

Several major brands, including skincare line Abib and others, quietly removed or scaled back campaigns featuring Cha following the January revelations. Some videos on the National Defense Information Service’s YouTube channel starring the idol were also made private.

The case has drawn particular scrutiny because of Cha’s military service. A citizen petition filed Thursday with the Ministry of National Defense calls for a review of his assignment to the military band, arguing that his tax issues raise questions about his suitability for the role.

Cha’s representatives have emphasized that he accepted the National Tax Service’s findings without contest and paid promptly to resolve the matter. In his April 8 statement, he reflected on the incident as a moment for personal growth, saying it prompted him to “look back and deeply reflect on whether I have been sufficiently strict in fulfilling my duty to pay taxes as a citizen of the Republic of Korea.”

The scandal represents one of the largest tax assessments ever reported against an individual South Korean entertainer. It highlights ongoing scrutiny of tax practices in the entertainment industry, where high earners sometimes use corporate structures or family entities to manage income.

Industry observers note that while many celebrities have faced tax probes in the past, the scale of Cha’s case and his previously untarnished reputation have amplified the backlash. Some fans have called for a second chance, citing his long history of charitable work and positive public image, while others demand stricter accountability.

Cha, who rose to fame as a member of Astro and gained massive popularity through dramas such as “True Beauty” and “A Good Day to Be a Dog,” has been one of the country’s top endorsers, appearing in campaigns for cosmetics, fashion and financial brands. His military enlistment in 2025 paused much of his entertainment activities, but the tax news emerged during his service.

As of Thursday, no criminal charges have been filed, and the matter appears resolved through the civil tax payment. The National Tax Service has not issued a public comment on the final settlement.

Fantagio said Cha remains focused on completing his military duties and will return to activities with renewed commitment once discharged. The agency declined further comment on the tax details beyond confirming the payment.

Public reaction on social media remains mixed. Supporters have posted messages of encouragement, while critics have questioned whether the apology and payment are sufficient to restore trust. Hashtags related to the controversy trended briefly in Korea after the latest statements.

The episode serves as a reminder of the intense public expectations placed on Korean idols and actors, who often serve as national cultural ambassadors. Tax compliance has become a sensitive issue in the industry following several high-profile cases in recent years.

Cha’s fans, known as AROHA, have been urged by some community leaders to await further developments while others have expressed heartbreak over the tarnishing of his image.

For now, the 29-year-old star has stepped back from public commentary beyond his written apology, letting his payment and promise of responsibility speak for the resolution of the financial side of the dispute.

Whether the public will forgive and forget remains to be seen as Cha completes his service and prepares for a comeback. In South Korea’s fiercely competitive entertainment landscape, reputation can be as valuable — and as fragile — as any financial asset.

As one fan commented online, “We loved the perfect image, but now we see he’s human too. The real test is what he does from here on.”

The coming months will determine if Cha Eun-woo can rebuild the trust that once made him a household name synonymous with charm and integrity.

Research from Knight Frank shows a rise in the first quarter compared to 2025, but with take up down on the previous quarter

Take up of large industrial space in Wales reached 344,882 sq ft in the first quarter of this year, shows new research from global property consultant Knight Frank.

The take up was around 50,000 sq ft higher than the same period last year, but down from the 675,000 sq ft achieved in the final quarter of 2025. Large units are defined as being more than 50,000 sq ft.

Neil Francis, head of the Knight Frank’s industrial team based in Cardiff, said: ”The take up comprised two lettings and two sales, with the largest deal being the sale of the 111,000 sq ft former Liberty Steel facility in Tredegar which was sold to an existing South Wales based manufacturer which is going to use it for a second facility in the region.”

The second sale was the disposal of unit one at Hirwaun Industrial Estate to Welsh Government. The Cardiff Bay administration acquired a surplus distribution unit from Christmas cracker to stationery business IG Design Group in Hirwaun for £3.15m. It now plans to invest an additional sum of just over £6m to upgrade the building which spans 97,300 sq ft and includes six acres of development land. This will create new modern industrial space that will be marketed to attract inward investment as well as aiding local firms in their expansion.

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Mr Francis said: “A similar project has been undertaken at 120,000 sq ft in Tredegar by local investor Gevrey who acquired last year and have overclad the roof and refurbished internally. At the moment 60,000 sq ft is under offer and the remainder available to let.”

According to the Knight Frank research availability of industrial stock in Wales now stands at 4.6 million sq ft – compared to 3.7 million sq ft at the end of 2025. The increase was impacted by the return to the market of the 900,000 sq ft former Wilko facility in Magor. It is understood that the property has been earmarked for a major data centre investment.

Mr Francis added: “Positively, we are finally seeing new build coming out of the ground with Indurent leading the way with 350,000 sq ft under construction at Indurent Park in Newport, offering units from 45,000 to 115,000 sq ft.

“This new space will start becoming available from Q4 2026 and there is good early interest. Once secured, the quoting rents will set new headlines in the region.”

Knight Frank said a 85,000 sq ft high-bay warehouse project at Blackwood Business Park in Caerphilly is close to completion.

Mr Francis added: “The market can currently best be described as inconsistent, with the general levels of activity being better than the take up figures suggest. And with over 800,000 sq ft of space currently under offer to occupiers, Q2 will be a significant quarter for the market if legals progress successfully.”

A Detroit coalition is rolling out cash incentives of up to $15,000 to attract new residents and retain current ones, as part of a broader push to spur economic growth in the city.

The program, dubbed “Make Detroit Home,” will award more than $500,000 in benefits to over 300 participants, according to the MoveDetroit coalition, which launched the program. These include entrepreneurs, creatives, and small business owners, as well as current residents, former Detroiters and newcomers willing to relocate.

The initiative offers stipends of up to $15,000 to help cover home down payments, renovations, rent or business expenses, according to Realtor.com.

Additional applicants may qualify for $1,000 grants to offset moving costs, security deposits and expenses such as gym memberships or meal services.

An aerial view of downtown Detroit, Michigan. (iStock / iStock)

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“This stipend is a clear signal that Detroit is serious about competing for residents and the data backs up why it’s an attractive proposition,” Hannah Jones, Realtor.com senior economic research analyst, told FOX Business in an email. 

“Detroit consistently ranks among the most affordable major metros in the country, where a $15,000 incentive can realistically cover a down payment or fund a meaningful renovation, rather than barely scratching the surface as it might in higher-cost markets.”

Jones added that pairing that purchasing power with the city’s growing momentum could help drive “household formation and long-term market stability.”

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Billionaire businessman Dan Gilbert talks during a press conference on May 21, 2019, in Independence, Ohio.  (Jason Miller/Getty Images)

The “Make Detroit Home” initiative marks the first major effort from the MoveDetroit coalition, a nonprofit launched last month with backing from local organizations and the mayor’s office.

Billionaire businessman and Rocket Mortgage founder Dan Gilbert is the honorary chair of the group.

“For too long, we’ve been educating some of the most talented young people in the country, only to watch them leave to places like New York City, Atlanta, California, Seattle, Miami, and elsewhere,” Gilbert said. “At our largest universities, we are losing nearly half our graduates. But today, we’re flipping that equation.”

Gilbert pointed to Detroit’s growing roster of major employers, including Google and Fifth Third Bank, as part of the city’s appeal.

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Google office building in Detroit, Michigan on Sept. 27, 2019.  (Raymond Boyd/Getty Images)

The initiative is privately funded, with MoveDetroit aiming to raise $10 million this year. Gilbert has pledged to match every dollar raised, according to Realtor.com.

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“Detroit is a place where you build, grow, and win,” Gilbert said. “This city has the grit and assets to compete with anywhere in the country for talent. People are choosing Detroit for its culture, energy and opportunity. MoveDetroit is about numerous organizations coming together to double down, ensuring that Detroit accelerates its growth even further.”

The brief sigh of relief across global markets lasted barely a day. Brent crude climbed sharply back towards $100 a barrel on Thursday after Iran moved to close the Strait of Hormuz, sending a clear signal that the fragile Middle East ceasefire was already fracturing.

The benchmark was trading at $98.61 a barrel in early afternoon dealing, a rise of 4 per cent, having fallen as much as 16 per cent the previous day to below $91 on optimism that a two-week pause in hostilities might pave the way for a lasting peace. That optimism now looks badly misplaced.

Iran’s decision to shut the strait, through which roughly a fifth of the world’s oil and gas passes, came in direct response to Israeli airstrikes on Hezbollah targets in Lebanon, which Tehran condemned as a breach of the ceasefire agreement. It is a move that strikes at the heart of global energy security and one that will alarm policymakers and business leaders in equal measure.

Sultan Al Jaber, chief executive of Abu Dhabi’s state oil company Adnoc, did not mince his words. He made clear that Iran was using passage through the waterway as a tool of political leverage rather than respecting freedom of navigation, a distinction that matters enormously for businesses dependent on uninterrupted supply chains.

Nigel Green, chief executive of the financial advisory group deVere, echoed those concerns, pointing out that a fifth of the world’s oil supply continues to move through a corridor effectively controlled by one of the belligerents. For SMEs already grappling with elevated energy costs, it is a deeply uncomfortable position.

Stock markets reflected the souring mood. The FTSE 100, which had enjoyed its strongest single session since April 2025 with a 2.5 per cent gain on Wednesday, gave back 0.2 per cent to trade at 10,585. On the continent, Germany’s DAX shed 1.4 per cent and France’s CAC 40 fell 0.7 per cent. Across Asia, Japan’s Nikkei, South Korea’s Kospi and China’s SSE Composite all closed lower.

Wall Street, which had rallied sharply overnight with the S&P 500 up 2.5 per cent and the Dow Jones gaining nearly 3 per cent, was expected to open in the red.

President Trump weighed in on social media, confirming that American forces would remain deployed in the Gulf until an agreement was both reached and honoured, warning of severe consequences should it not be.

Meanwhile, Israel intensified its military campaign in Lebanon with its heaviest strikes since the conflict with the Iran-backed Hezbollah militia escalated last month, with more than 250 reported killed.

For British businesses, particularly those in manufacturing, logistics and any sector exposed to energy pricing, the message is stark. The ceasefire may have offered a momentary respite, but the underlying volatility in the Middle East, and its direct bearing on the cost of doing business, is far from resolved. With Brent hovering just shy of triple figures, boardrooms across the country will be revisiting their hedging strategies and bracing for what could be a prolonged period of uncertainty.

Jamie Young

Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops.

When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.