SM Entertainment’s suspicious affiliation management
Sep 19, 2012
Original Link: http://news.nate.com/view/20120919n33888
No physical substance exists between Head Office and Seoul Office
[PIC: The building of ‘M Studio City’ which SM announced as its affiliate. SM said its main office is in Mungyeong, however, there was no such company in the building and its telephone number was put into A [Anonymous] Entertainment in Seoul.]
It has been discovered that SM Entertainment is doing business after setting a company with no physical substance, and the interest is now focused on its background.
SM clarified that the above company’s main office is on the city[Mungyeong] that the company does its business in. But, the suspect that it could be just a paper company was on the rise because there is no such company exists.
According to Mungyeong City Council and others on Sep 19, this company[SM’s affiliate] was selected as the choice to carry out Mungyeong Multi-Complex of Video Cultural and Tourism after making consortium with SM Entertainment and Pides Development in April.
The city has been pushing M City PFV that formed the Consortium for the plan of investment for fund raising for a number of times, but in worry as there has been no response at all. A staff of the City Council’s Project team explained that “If this situation continues for a long time, I have to say that there is a possibility that the project might be cancelled”.
In the worst case, the council is worried about a possibility that the project can be back to square one. SM was very aggressive to add an affiliate and form the consortium. Then what company this ‘M Studio City’ could be?
SM Entertainment said that M Studio City’s headquarter is located in Mungyeong and its branch is located in Seoul each, however, it has been confirmed that there are no such companies in reality. The telephone number of the main office was put through to A Entertainment in Seoul and there was no information available about M Studio City there. There are 2 signs for A Entertainment and M Studio City at the outside of A Entertainment’s office. It only can refer that the two companies might have connection somehow.
Of course, we only were able to find the above and there are no substances of the both companies. At this moment, another company is located in the space instead. A building staff was informed us that M Studio City had been in Munkyung as long as he knew, and he had no idea why its signboard is at the building. The building’s control office also knew nothing about the both companies.
We researched a little bit more, and found that a couple of staff used some desks in the office and withdrew after some business related to musicals, but it was not known why the two companies’ signs were at the same place.
“We found out this later as predecessor was in charge of everything. I’m just aware of that there is no big trouble for investment with 5 billion KRW of the capital”, said a staff at the city council.
We tried to contact SM Entertainment for a number of times to make enquiries about this situation and its affiliate M Studio City, but there has been no response despite that SM told us they would reply us after checks.
Currently, the business for this Multi-Complex of Video Cultural and Tourism has been postponed indefinitely. The council is now concerned about its outside confidence and image which were seriously damaged.
+) In short words after gathering some other facts, SM(M Studio City) and its consortium promised to invest about 2 trillion Won to make multi-complex in Mungyeong and made huge media promotion, but the company wasn’t committed to submit any actual plans for the fund raising so the project is now stopped currently, and there is no practical evidence whether M Studio City even exists. So the journalist suspects that SM made a paper company with no physical substances. (Well, no surprise.)
I’m not really fond of translating these kinds of things related to #FuckSM as long as it is not about JYJ, but this article has been my timeline for a couple of days, but no one really seemed to know in ENG so I just did a quick work.
Translated by : https://dedicatee.wordpress.com
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