With the present turbulence inside SM Leisure, the Korean Leisure Producers Affiliation made an official assertion and brazenly criticized the present administration concerning the battle between SM and former basic producer Lee Soo Man.
On February 15 KST, the Korean Leisure Producers Affiliation, which has about 440 document producers as members, issued an announcement saying, “We specific critical concern in regards to the state of affairs of SM.”
The Affiliation began off by stating, “SM is a consultant company in Korea and a symbolic firm of the Korean Wave, each in identify and actuality, which has laid the inspiration for the Korean Wave of Kpop. He’s a frontrunner. He was a proud pioneer of Kpop and a legacy that protects the satisfaction of our document producers.” In addition they acknowledged, “Document producers trying on the current SM scandal can’t cover their shock, anger, and confusion.“
Describing Align Companions, which represents SM’s minority shareholders, as ‘wolves in sheep’s clothes‘ they stated, “They don’t have any regard for the tradition or understanding of the manufacturing system, and proceed to alter their phrases to their benefit.”
“The present administration of SM unilaterally and arbitrarily drove out producer Lee Soo Man with a fund firm known as Align Companions with out even in search of understanding or consulting with producer Lee Soo Man, the biggest shareholder and founder, or the artists beneath his administration,” they acknowledged. “This can be a hostile M&A, which is being waged by Align Companions, present administration, and huge companies, and due to this fact an act of market disruption.”
They emphatically acknowledged that “that is an act of betrayal by the present administration of SM” and that the Affiliation “can’t condone it.”
The Affiliation concluded their assertion by saying, “We hope that SM will return to normalcy within the close to future, and we are going to maintain a detailed eye on the SM state of affairs because it unfolds. If the act of usurping administration rights that disrupts the ecosystem of the business continues, we warn that the Korean Leisure Producers Associations is not going to stand by.”