HYBE and SM Entertainment have released statements to deny the complicated situation involving the two companies.
Following SM CEO Lee Sung Su's first video on February 16, HYBE released an official statement.
Clarification was made regarding the agreement to purchase Lee Soo-man's shares on Thursday (16/2/2023). The statement was made several hours after Lee Sung-soo's video was uploaded to YouTube.
Lee Sung-soo or Chris Lee highlighted the possibility that HYBE was not aware of CT Planning Limited (CTP), Lee Soo-man's overseas business, which Chris Lee called paper companies.
The following are the main points as clarification HYBE:
1. Former chief producer Lee Soo Man may be working overseas for his personal production business duties unrelated to SM Entertainment, and it does not mean that he will return to SM Entertainment after three years.
2. We have not heard about CT Planning Limited being said to be involved with former chief producer Lee Soo Man, and regarding the information regarding his relationship with SM Entertainment, we will end this according to the share purchase agreement (SPA).
3. We would not have been involved if the personal activities promoted by former chief producer Lee Soo Man had nothing to do with SM Entertainment, and we have not received any details regarding the ESG activities promoted by former chief producer Lee Soo Man.
In response, SM Entertainment revealed the following statement on February 17:
As CTP (CT Planning Limited), the international version of Like Planning, signed a contract directly with an overseas label, not SM, to hide their true intentions, this is not a problem that HYBE can solve to terminate the contract because CTP has no business relationship with SM. In the video uploaded by CEO Lee Sung Su, it is also stated that what is meant is a direct contract between former chief producer Lee Soo Man and a foreign label, not a contract between CTP and SM.
This clarification was made after the CEO of SM Entertainment, Lee Sung Soo, recently released a YouTube video and made a number of statements regarding Lee Soo Man. He also questioned the share purchase agreement between Lee Soo Man and HYBE. / celebrities. id
