SM Entertainment denies suspicions that founder hid overseas assets

SM Entertainment, home to popular K-pop bands like NCT, aespa and Red Velvet, denied allegations that its founder Lee Soo-man had established eight paper companies in Hong Kong to conceal his vast asset holdings, including real estate in the United States. Local media outlet Newstapa made the allegations on Monday citing the “Pandora Papers,” a leak of millions of documents detailing stashed assets and tax evasion by some of the wealthiest and most powerful people in the world. SM Entertainment denied the allegations. -“Hong Kong-based companies that Newstapa claims SM Entertainment founder and chief producer Lee Soo-man created with slush funds were established by Lee's father, James Hee-jae Lee, an immigrant to America, with his own assets.

source https://www.koreatimes.co.kr/www/nation/2021/10/398_316467.html?fl

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