SM Employees "Isu Man and HYBE Must Stop Hostile M&A"

[Asia Economy Reporter Yuri Choi] The 'SM Regular Employees Council,' composed of 208 current employees including unit heads at SM Entertainment (SM), issued a statement expressing support for the current management.

On the 17th, the SM Regular Employees Council sent an email to all employees urging, "Stop the hostile takeover (M&A) of SM by HYBE, which is collaborating with Lee Soo-man, who is involved in 'illegal activities and tax evasion.'"

The council lamented, "When former Chief Producer Lee Soo-man faced the risk of his illegal and tax evasion activities being exposed, he sold his shares to a competitor he had disparaged and fled. SM members have been thoroughly exploited by Lee Soo-man's self-serving and illegal acts such as tax evasion."

They continued, "Before the SM 3.0 project even begins, we cannot allow ourselves to be exploited again by HYBE's illegal and irregular practices. Although Lee Soo-man abandoned SM and Pinkblood (SM fans' nickname) and fled, we will remain in Seoul Forest to protect SM and Pinkblood," emphasizing their stance.

The statement included demands such as ▲rejecting HYBE capital incorporation into SM's culture ▲supporting SM Co-CEOs Lee Sung-soo and Tak Young-joon's SM 3.0 plan ▲protecting SM fans and artists ▲and pledging resistance against HYBE's hostile M&A attempts.

The council has also secured numerous cases of illegal activities, tax evasion, and abuse of power by the former producer and his associates through the anonymous app Blind and internal emails. They plan to submit evidence to the media and relevant authorities at an appropriate time.

This content was produced with the assistance of AI translation services.