We found the financial data of some to the biggest rich man of World. K- Netizens are surprised
be seeing the name of the SM ENTERTAINMENT “Lee Soo Man” in the Pandora Papers. The
name is coming out because of establishing eight paper companied in Hong Kong for tax evasion
and money laundering.
In this investigation, a team of 600 journalists from 117 different countries work together as a
part of global investigation. They go through the financial documents of the people through the
months. After being done, they let out the financial documents to 140 different media source and
named the documents as “PANDORA PAPERS”. They release about 12 million documents
disclosing about the financial secrets of the people including hidden wealth, money laundering
and tax evasion.
Korean Media Outlets NEWSTAPA was also the part of the global investigation. The reports
were including some of the biggest Korean Pops bands such as NCT, Red Velvet, SNSD,
SHINEE, ASEPA etc also. SM ENTERTAINMENT Founder set up the eight paper companies
with five under borrowed name to tangle his wealth. The proof is now disclosed in the reports.
Lee Soo Man is indirectly connected to these five companies Success Maker investment limited,
Polex Development limited, Sky Creative Development limited, Pacific leading development and
JG Christian Charity Foundation. Although his name is not mentioned in the list of shareholder’s
name but present in internal documents. Lee Soo Man name was also mentioned in 280
documents with 399 times among 12 million documents.
The founder is denying all the allegations through an official statement. The IISHIN
Accounting Corporation has an application which is clearly revealing the name of Lee
Soo Man for establishing and managing the Success Maker. They still on the arguments that the
Man is the beneficial owner of the corporations.
After the news get viral, the Korean Citizens are showing their agitation and disappointment
towards the SM Entertainement founder and criticizing him for not paying tax instead of
making so much money.
The SM Entertainment agency still denying all the allegations and stating that they are not
the part of any illegal activity.
Already the pandora papers leaks created a trouble for big names in business industry. The official statement is yet to come from the SM Entertainment Founder. He is facing backlash and anger of the citizens of the country. He may also also face the legal actions in the matter. The further details will be shared in this case.