The feud between SM Entertainment and Hybe is escalating as the two companies continue to refute each other’s position in relation to SM founder Lee Soo-man’s suspected offshore tax evasion. | asianewsnetwork
ENTERTAINMENTHe added that SM’s contract with the Hong Kong-based company remains solid even after SM ended its business contracts with Like Production last year.
On Friday, SM refuted Hybe’s assertions through a press release, saying CTP is not signed with SM but with foreign labels and hence the deals cannot be dissolved by Hybe. Accusing Hybe of “distorting suspected offshore tax evasion,” SM’s CEO said in a statement, “CTP signed deals directly with the foreign labels to hide its existence, not through SM. Since there is no contract between CTP and SM, the deals cannot be dissolved by Hybe through contract termination.”“If CTP had not been signed directly with SM as claimed by SM, then it is even more difficult for us to acknowledge its existence.
Hybe claimed that it would have been SM’s responsibility to take care of any contracts that involve the label’s artists.
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