SM Entertainment Employees Stand In Support Of The Current CEOs And Release A Statement Against HYBE Takeove

Published Categorized as Kpop

208 employees under SM Entertainment‘s unit head formed the ‘SM Employees Council’ and issued a statement supporting the current management.

On February 17th, the SM rank-and-file employee council sent an email to all employees of SM Entertainment with the title ‘Stop hostile M&A to HYBE and SM with Illegal, tax evader Lee Soo Man.’ 

Recently, HYBE proposed a candidate for SM’s board of directors through former executive producer Lee Soo Man, and CEO Lee Sung Soo released a video raising suspicions about Lee Soo Man’s offshore tax evasion and real estate business rights. SM staff members supported the current SM management and expressed their strong will, saying, “Lee Soo Man abandoned SM and Pink Blood (an alias for SM fans) and ran away, but we will remain in Seoul Forest and protect SM and Pink Blood.”

The 208 regular employees who expressed their intention to participate in the statement accounted for half of all regular employees of SM Entertainment. They said, “The regular employees who were used by former executive producer Lee Soo Man for his private gains gathered their hearts together to make SM a better company.”

The full statement of the SM rank-and-file staff council is as below:

When former executive producer Lee Soo Man was in danger of being exposed for his illegal and tax evasion activities, he sold his stocks to a competitor he had disparaged and ran away.

Our SM members have been thoroughly used for illegal activities such as extortion of private interests and tax evasion by former executive producer Lee Soo Man. Before starting the SM 3.0 project, it cannot be used again by HYBE’s illegal and expedient methods.

In response, 208 regular employees of SM Entertainment are angry at the illegal collusion between former executive producer Lee Soo Man and HYBE and announce the following in a statement.

1. We preserve the cultural diversity of KPOP and the unique identity of SM. SM’s culture declares that it cannot be subordinated to HYBE’s capital.

2. We actively support and cheer for the reflection of co-CEOs Lee Sung Soo and Tak Young Jun and the SM 3.0 multi-producing plan. In addition, we demand stronger protection from harm to our fans and artists.

3. We oppose HYBE’s hostile M&A and expedient attempts to enter the board of directors. We will resist HYBE who tries to take over SM in an unusual way.

“Lee Soo-man abandoned SM and Pink Blood and ran away, but
we will remain in Seoul Forest to protect SM and Pink Blood.”

February 17, 2023

SM Entertainment rank-and-file staff council
(208 rank-and-file employees below the unit head)


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