SM Entertainment's Lee Soo Man is currently under fire for 'suspicious internal transactions.'
On May 29, reports alleged Lee Soo Man holds 100% of the stock in a ghost company 'Like Plan'. The SM Entertainment head stands accused of funneling 44% of the profits from the music label into the ghost company since 2014 and paying himself 10 billion Won ($8,367,500.00 USD) a year.
Though 'Like Plan' went public in 2000, dividends from the company have never been paid out despite reporting profits that rival SM Entertainment.
In related news, SM Entertainment stocks have reportedly dropped by 28.01% this past year.