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SM Entertainment CEO Chris Lee released a scathing video accusing the company’s founder of tax evasion and delaying Aespa’s comeback album.
chris lee born Lee Sung Soo continues attack In a 30-minute video uploaded to his YouTube channel on Thursday, he took issue with his uncle Lee Soo-man.
In a video labeled as one of the series, he made several explosive allegations and declared, “As members of SM Entertainment, we cannot sit back and watch the company be controlled by Lee Soo Man.”
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According to Chris, Lee Soo Man is engaged in offshore business tax avoidance Since the establishment of Hong Kong production company CT Planning (CTP) Limited in 2019.
Chris claims CTP accounted for 6% SM EntertainmentShare previous income with overseas distributors.
The CEO compared the arrangement to SM’s arrangement with Lee Soo Man’s other private company, Like Planning, which charges 6 percent of SM’s annual revenue from consulting and production fees. As a result, Like Planning has amassed over $109 million in funding over the past 20 years.
“The contract between SM Entertainment and Like Planning was deemed void in both 2014 and 2021, resulting in SM Entertainment paying trillions of won in back taxes,” Chris claimed. SM terminated its relationship with Like Planning on December 31, 2022, but remains in touch with CTP.
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chris further claim Lee Soo Man got SM to draw up a consulting agreement to legitimize his actions, and got the artist to sign a separate contract with CTP for other promotional activities.
He also accused Lee Soo-man of sabotaging earnings reports to convey that the brand needed his guidance to be profitable.
Even after he stops producing, SM will need to pay Lee Soo Man 6% of artist album sales for the next 70 years and 3% of management income for three years from 2023. That’s about 80 billion won (approximately $61 million). I’m so humbled to meet SM employees, artists and all our investors.
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Chris also accuse Lee Soo Man’s Delay EsperThe comeback album, which was due to be released on February 20, reportedly brought its members to tears.
The K-pop quartet of Karina, Winter, Ningning and Giselle has become synonymous with the concept of SM’s metaverse.Despite this, Lee Soo-man is said to Ordered The company’s artist and repertoire team, along with longtime in-house producer and songwriter Yoo Young-jin, insert themes and elements of environmental sustainability into songs by SM artists.
Lyrics to a now-defunct Aespa song include phrases such as “drop a degree.” Buzzwords in the English lyrics include “sustainability” and “greenism”.
“These words that have nothing to do with K-pop appear in the lyrics.The first half of the song even included ‘planting trees,'” said Chris. “The Aespa members were so upset they even choked [with tears]”
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he state Lee Soo-man has a vested interest in ESG (environmental, social and corporate governance) initiatives due to personal real estate deals and casino schemes where people can smoke marijuana.
Thursday, Lee Soo Man responded Videos of Chris surfaced, but did not comment on any specific allegations.
I have watched my late wife’s nephew grow up since he was 4 years old. He has been with me since he joined SM Entertainment at the age of 19, working on fan management. He was a kind nephew who grew up in a family where his father was a priest. I am sad.
family splits follow movewhich houses K-pop groups such as BTS, seventeen, Seraphim and new jeansbecome SM Entertainment’s largest shareholder Takes a 14.8% stake after buying 3.5 million shares last week.
HYBE has also offered to buy an additional 25% stake from minority shareholders.
HYBE’s actions have caused great division among netizens and even some of SM’s own employees. HYBE CEO Park Ji-won said his company will “make sure” SM maintains its independence.
HYBE also refuted Chris’ allegations that the company had prior knowledge of CTP, adding that they were not concerned about Lee Soo Man’s actions.
“What we hear these days is only the past of Lee Jae-yong and SM’s current management, and it will not affect the future of HYBE and SM’s transparent leadership.” Park allegedly wrote in an email sent to HYBE employees on Friday.
In addition, HYBE canceled any possible concernsstating that the offshore activity is a “scenario that will never happen” and that they could terminate the contract with CTP because Lee Soo Man’s no business relationship with SM was part of the precondition of their deal to make HYBE the majority shareholder.
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