In the past, SM Entertainment, JYP Entertainment and YG Entertainment in South Korea were the three major companies that many boys and girls with star dreams wanted to join the most, but recently SM Entertainment was acquired by HYBE, which caused an uproar; Founded, after he was “leaved” from the company a few days ago, the incident of being wanted for embezzling public funds in the past has aroused discussion again. The most shocking thing is that Li Xiuman embezzled 744.3 billion won (approximately NT$18.6 billion) in SM Entertainment for 23 years.
SM Entertainment recently announced that it would not renew the contract with Li Xiuman, and his shares were also bought by HYBE, which also made HYBE the largest shareholder of SM Entertainment, and cast a shock bomb for the Korean entertainment industry; however, although Li Xiuman made money by selling shares A lot of money, but all past scandals have been dug up. According to the Korean media “Dispatch” (D Agency), Li Xiuman was once wanted for embezzling public funds.
The report pointed out that in order to increase capital for SM Entertainment to become a listed company, Li Xiuman used the company’s nearly 100 million yuan reserve fund without authorization, and did everything without telling the company’s shareholders. After SM went public as he wished, he personally made a lot of money through stocks money; but Li Xiuman’s large income was targeted by the police, so he put back the embezzled public funds.
However, Li Xiuman was still wanted by the Interpol for suspected embezzlement of public funds, and was finally sentenced to 2 years in prison with a 3-year probation. Not only shocked the Korean entertainment circle, but also the public in an uproar. It is reported that Li Xiuman has led SM Entertainment for 23 years. During this period, including his earned or illegal income, it was as high as 744.3 billion won (about NT$18.6 billion). will sell its shares.
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