SM Founder Lee Soo Man to resign
A company representative said, "Lee Soo Man will no longer be engaged in business activity,"
He added, " However, in order to strengthen his position as major shareholder, an additional 1.5% from Avex was retrieved."
-omitted-
On the other hand, SM's 2nd largest shareholder, Avex Japan, has transferred 15.4% of their shares to Neowizbugs while the remaining shares will be sold to Lee Soo Man, hence putting an end to the relationship with SM Entertainment.
Avex is the company that assist SM's artistes such as TVXQ, etc. in the Japanese market.
Thanks for the tip, fadingmelodies :)
Source: SPN
Translation: covermeblack@lj
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