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SM′s Lee Soo Man Denies Illegally Purchasing Real Estate in LA

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2014.03.28 10:24 CJ E&M enewsWorld Kim, JiYeon Translation Credit : Yeawon Jung

SM released an official statement on the issue on the reports that SM Entertainment’s Lee Soo Man purchased a real estate in Los Angeles using a paper company.

Later on March 27, SM responded to the news reported through KBS by releasing statement titled ‘SM Entertainment’s official statement on KBS news report.’

SM stated, “When producer Lee Soo Man purchased real estate in Malibu along with POLEX Development, he took all the legal steps to register the real estate purchase abroad and after it was sold, he took the steps to report on the real estate disposal. At the time of acquisition, he reported on purchasing the real estate to the foreign exchange and tax authorities and transferred the fund by taking legal steps.”

It added, “Therefore, the news report claiming that he illegally transferred his wealth abroad is not true.”

SM claimed, “POLEX Development, which purchased real estate in Malibu is not Lee Soo Man’s personal company and it is definitely not a paper company that he established.”

SM′s Lee Soo Man Denies Illegally Purchasing Real Estate in LA

“Ever since SM Entertainment established SM USA in 2008, the SM artists’ activities and networks abroad became more active with agencies, such as CAA and William Morris, record labels, such as Universal Music and Interscope, MTV, foreign celebrities, directors and staff, which led to the decision to purchase the real estate through the corporate body owned completely by SM Entertainment USA Inc. It is also not true that the company diverted some of the profits gained from foreign performances.”

It concluded, “The company is currently undergoing a tax investigation. We will be engaging in the investigation until the end and explain our situation to settle any suspicion that arises.”

Photo credit: SM Entertainment

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