Wanna Know SM Entertainment’s Former CEO Lee Soo-man’s Net Worth?

Lee Soo-man’s House

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One of Lee Soo-man’s assets had been revealed. In May, 2011, it was reported from a Korean newspaper that Lee Soo-man had just bought a house worth $2.8 million USD in Los Angeles, in cash! According to the news, the house was built in 1976 on approximately 29.890 square feet. For the house, itsellf, it is around 4,366 square feet with five bedrooms, and four to five bathrooms. It was completed with a fancy swimming pool and the extra facilities inside.

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The news said that Lee Soo-man bought this house for his daughter, so she could attend one of the famous private schools in Los Angeles. He has already been living in a condo that’s also located in Los Angeles, to prepare his official living there. It’s not strange news, since it’s Lee Soo-man.

Corruption Charges and Wanted by Interpol

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The case started to happen around 17 years ago, and has been dug up by fans to look for the untold truth. In 2002, Lee Soo-man and Suh Se-won allegedly fled the country after they became the key suspects in an entertainment industry corruption investigation. Lee Soo-man was charged with embezzling approximately $1 million from company funds and bribery.

In order to bring them back, the Seoul District Public Prosecutor’s Office requested Interpol to put them on the wanted list to force them out and suspended their passports through the Ministry of Foreign Affairs and Trade. In 2003, when he came back, he immediately denied all the accusations, while Suh Se-won admitted some of the allegations and apologized.

Even if it took months to find him, after he came back he could easily go home because SM’s lawyers might be issuing loud denials of all the accusations. The results went out in September, 2004, when the court proved him guilty and sentenced him to two years in prison and three years of probation. It only needed one day to free the Lee Soo-man! Many rumors were coming around the issue.

Suspicious Internal Transaction

On May 29, the news outlet Korea Economy Daily reported that a company named Like Planning had been receiving an annual payment of over 10 billion won from SM Entertainment. Like Planning was created by Lee Soo-man in 1997, and he owned 100 percent of its shares.

SM’s payments to Like Planning have been increased every year, to almost the same amount as SM’s total business profits. Due to this phenomenon, many people accused the companies of engaging in an activity called internal transactions, with the purpose of filling Lee Soo-man’s pocket.

That’s all about Lee Soo-man, from his personal side to his business issues. Besides all the issues that he has, he’s led the Korean Wave since the ’90s and we should thank him for the present crop of SM idols. Do you have any thoughts about Lee Soo-man? You can leave them in the comment section below!