Allegedly Embezzles Money By Lee Soo Man, SM Entertainment Give Statement

INDUSTRY.co.id - South Korea - South Korea's biggest agency, SM Entertainment was stumbling over alleged embezzlement issues committed by Lee Soo Man, founder of SM Entertainment.

The suspicions came after SM Entertainment reportedly gave huge amounts of money to Lee Soo Man's private company, Like Planning, which handles the SM Entertainment artist's album production.

According to South Korean media reports, the amount of money given to the company is always increasing every year. Starting in 2014, amounting to 7.5 billion Won or Rp90 billion, up to this year reached more than 10 billion Won.

This internail transactions conducted by SM Entertainment is considered very suspicious, since Lee Soo Man seems to deliberately utilize the transaction for personal gain.

However, recently the agency gave a statement about it.

"Production contract with Like Planning is an important aspect in our global content growth and competitiveness. This partnership has been done since the beginning, and we have disclosed contracts and transactions transparently before and after being registered with KOSDAQ in 2000, "said the agency that overshadowed the boyband of Super Junior.

SM Entertainment also confirmed that there are no legal issues or unlawful internal transactions with the Like Planning company.