SM Entertainment has been found to be leaking 10 billion won or 10 million USD a year to Lee Soo Man’s personal agency.
For those who don’t know, Lee Soo Man is the founder of SM Entertainment and the former CEO.
SM told reporters that the money was sent to Lee Soo Man’s personal agency for producing, mixing, and mastering costs for SM’s music, but netizens question why SM is outsourcing all of that work instead of keeping it in-house.
Very odd behavior for a music company.
Netizens are suspicious and demanding an investigation of both SM Entertainment and Lee Soo Man.
Many are saying that this is full-on embezzlement, which it does look like.
After news was released that SM may be embezzling money into Lee Soo Man’s personal agency, stocks for the company dropped a whopping 10%.
We have yet to see what Lee Soo Man will say about this situation.
What a terrible day for this news to drop, especially since NCT just released a new music video for their song, “Black on Black.”
We’ll keep you posted when the situation updates.
If we remember correctly, the last time Lee Soo Man was expected of embezzling money, he flew off to America until his investigation quieted down.