SM Founder Calls It Quits

SM founded back in February 14, 1995 by head C.E.O Lee Soo Man.Just shy of his 11 year reign as the head of SM entertainment.Avex entertainment Japanese record label in partnership with SM drops 15.4% of their stock shares after Lee Soo Man resign.Lee Soo Man himself still claims a large 28.3% of SM stock shares allowing him to earn some income without the responsibility of being a head CEO or president.Avex is Tohoshinki(DBSK/TVXQ) and Boa main Japanese label which had difficulties with SM this passing year.

There is no statement from Lee Soo Man himself explaining why he left or who is next in charge.You can figure out it’s whom ever next in line.The big question is “How would this affect the lawsuits?” JaeJoong,Junsu,Yoochin, and Hankyung lawsuits are still active and have not be settle or finalize by a judge.Lee Soo Man step down takes away his legal responsibilities and creditability.This is often a move most business heads do in order to dodge any heavy financial repercussions.Both lawsuits have similar reasons poor salaries and harsh penalties along with the possibility of human rights being violated.If SM is place under investigation for the more serious crime of human rights violation this could mean jail time for Lee Soo Man.Who has legal responsibilities of contracts and agreements.If Lee Soo Man had knowledge of mistreatment he isn’t safe form a life behind bars.With his sudden withdrawal this makes Lee Soo Man only a witness not necessary the main target.For the moment DBSK and Hankyung are to re-frame from any music activities involving their group or usage of their group’s name.

Many are more concern on what will happen to SM artists,actors and comedians under this top label/management.It all depends on the new head boss.Usually this open the doors for new policies and contracts that wasn’t administrated under Lee Soo Man control.This could be a good thing even though it seems complicated.

Source:AllKpop

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