Park Jin-young, JYP Entertainment's founder and co-chair of the Presidential Committee on Popular Culture Exchange, rejected allegations of preferential treatment involving his agency in preparations for a global K-culture festival during a parliamentary audit held at the National Assembly in Seoul, Wednesday. The high-stakes hearing focused on "Fanomenon," a multi-day K-pop festival and awards initiative scheduled for December next year. His agency, together with three other entertainment agencies, has been spearheading the project since early this year. The event is anticipated to draw more than 500,000 visitors, with an estimated economic impact approaching 1 trillion won ($735.8 million). However, critics argue the project only serves the interest of the entertainment companies. "The four agencies can do much more business doing other things instead of organizing 'Fanomenon," Park said during the hearing. "All the companies had to sacrifice so much for this. It was really tough to pull off. But everyone made a bold decision to commit because they saw the long-term vision — the ripp