SM Entertainment founder Lee Soo Man has been named in a major offshore financial data leak known as ‘Pandora Papers’.
A global investigation team filed through financial documents for months. More than 600 journalists from 117 different countries worked together as part of a global investigation team. Korean media outlet Newstapa, which is a part of the global investigation team, reported on Sunday that “a pile of evidence” showed that several paper companies established in Hong Kong trace back to the Lee Soo Man.
Among the 12 million files exposing the secret financial affairs of the world’s elite class, it was revealed that he was mentioned in 280 documents a total of 399 times. However, SM Entertainment has denied all the allegations and threatened to take legal action against the reporters and media outlets. It’s not the first time Lee and the company had to face such allegations. Earlier this year as well as in 2014 they had to face similar allegations.
SM Entertainment has pioneered the entertainment industry in Korea since its establishment in 1995 and is a total entertainment group leading the global Korean Wave and K-POP sensation. It has produced major K-POP artists such as Girl’s Generation, NCT, EXO, BoA, Super Junior, and many more. So, naturally many K-Netizens were shocked by the report of Lee Soo Man’s name being included in the world’s largest financial data leak.
Many K-Netizens in utter disbelief expressed their disappointment and shock by stating the following words:
“Lee Soo Man makes so much money, so why does he cause chaos just to avoid paying taxes… Taemin pays his taxes so well they even gave him a prize. Rather than sending Taemin a bunch of videos when he joined the army, [Lee Soo Man] should focus on paying taxes correctly”. ‘It doesn’t matter what happens, SM always quietly buries his problems. They have a lot of journalists, but they’re incredible at controlling the media as well”. “Hasn’t the SM has gone bankrupt? I mean, Lee Soo Man really needs to quit SM now, Loll J.Y. Park should also leave JYP. Everyone needs to leave”. “Paper company… he actually does all kinds of stuff.”