Chapter 334: The Hundred Billion Incident Erupts
“That’s how it is. After I said I would withdraw NMIXX, President Zheng used the excuse of discussing with Chairman Park, and then agreed to transfer Wu Haiyuan’s personal contract to our company, but it would have to wait until the <Begin Again> variety show’s profit sharing was over.” Choi Ji-yeon stood in front of Jiang Shu’s desk, reporting the situation to him.
“Heh.” Jiang Shu chuckled, “It seems their planning department has become dependent on us.”
“Uh… as far as I know, JYP has already disbanded its planning department, changing it to each division establishing its own.”
Jiang Shu looked up, a bit surprised.
“Are they saving money to this extent?”
“Yes.” Choi Ji-yeon also found it incredible, but the fact was that JYP, to save expenses, had indeed disbanded many departments, changing them to sub-divisions that established their own, and then each sub-division was responsible for its own profits and losses.
It was a complete head office and branch office design, just with a different shell.
These measures were taken for tax avoidance, risk offsetting, etc., but JYP gave too much power to the divisions.
“Then it seems we can be more aggressive.” Jiang Shu said thoughtfully.
This indicated that JYP’s reliance on their planning department was even stronger than DM Entertainment had estimated, and they would not be able to do without DM Entertainment’s planning department in the short term.
“In addition, I saw GOT7’s contract renewal on Zheng Xu’s desk. Combining with the current news, GOT7 will most likely not renew their contracts as a whole.” Choi Ji-yeon revealed another significant piece of news.
But to Choi Ji-yeon’s surprise, Jiang Shu was not that surprised by this news.
“GOT7’s full non-renewal is within my expectations. JYP just launched a new boy group, and with GOT7’s already poor treatment being lowered again, and it’s time for contract renewal, it’s normal for them not to renew.”
“Should we make a move?” Choi Ji-yeon asked.
“No interference.” Jiang Shu refused, “We don’t touch boy groups.”
Choi Ji-yeon nodded. Jiang Shu’s direction remained unchanged: not to get involved with boy groups, focusing on developing girl groups.
“Next month, Li Xiuman’s matter will be exposed. Arrange for Qin Zhen to prepare for the public relations response.”
The matter was already basically set in stone, and Jiang Shu also revealed the inside story to Choi Ji-yeon.
“Understood.”
“How is Kang Wentai doing?”
“According to him, it’s already resolved.”
“Did you find out anything?”
“No.” Choi Ji-yeon shook her head, “Jiang Xuhui often doesn’t come home at night, and he isn’t very clear about who Jiang Xuhui has been in contact with.”
“Alright, this matter ends here.” Jiang Shu nodded and said.
“Chairman, there’s one more thing.” Choi Ji-yeon hesitated for a moment, “Zheng Xu somehow found out that you gave Hae Won the right to see you at any time, and when I asked for Hae Won’s personal contract, he probed into your relationship with Hae Won.”
“What did you say?”
“I didn’t reveal any information.”
Mainly because I also don’t know what your relationship is.
“Let him guess.” Jiang Shu chuckled, “The entire company is rumored to be my big harem. One more Wu Haiyuan doesn’t matter.”
Choi Ji-yeon also laughed. As Jiang Shu’s secretary, she was well aware of how absurd this news was, but there was no need to explain.
Qin Zhen had explained to them from a public relations perspective that such rumors could sometimes become a direction for public relations at specific moments.
There was no benefit in clarifying, but there might be benefits in not responding. So why clarify it?
“Is there anything else to say?” Jiang Shu looked at Choi Ji-yeon and asked.
“No.”
“Get busy.”
Choi Ji-yeon bowed to Jiang Shu, then exited the office.
…
In November, a piece of news swept across the entire K-pop world like a plague, quickly rising to the top of the trending topics on Korean networks.
S.M. Entertainment’s founder and former chairman, Li Xiuman, embezzled over 530 billion korean won from S.M. Entertainment, which has now been confirmed by the police, and he has fled abroad.
As soon as this news broke, who still cared about GOT7’s full non-renewal, or this comeback and that comeback news? Everyone swarmed to the news to watch.
Over 530 billion korean won, over 2.7 billion RMB, nearly 400 million US dollars!
One can only say, terrifying!
This number not only shocked people in the Korean Entertainment industry but also stunned outsiders who didn’t know much about Korean Entertainment when they saw this number.
Over 530 billion korean won, just like that, taken by Li Xiuman?
The onlookers flocked, all “concerned” about whether S.M. was doing well.
Whether S.M. was doing well or not, Kakao Entertainment, which had just acquired a large share of Li Xiuman’s shares, was not doing well.
As a Korean internet giant, when had Kakao ever suffered such a huge loss?
On the afternoon of the day the Li Xiuman incident exploded, they issued a response, and it was a multi-party response.
S.M. Entertainment:
Kakao Entertainment holds 16.7% of our company’s shares, officially becoming our company’s largest shareholder.
S.M. Entertainment:
The new chairman xxx convened a general board meeting. At the meeting, Chairman xxx emphasized that the company reserves the right to pursue legal responsibility against former chairman Li Xiuman, and in the current special period, the entire company should be united and face the upcoming challenges together.
Kakao Entertainment:
Regarding the special incident that occurred at S.M. Entertainment, an entertainment company controlled by our company, our company attaches great importance to it and will provide assistance to S.M. Entertainment within our capabilities. Brother companies are important strategic partners, and everyone should work together to overcome difficulties…
There were many announcements, but each one struck the hearts of those following the matter.
S.M.’s chairman changed, replaced by everyone’s old acquaintance, Kakao Entertainment.
Insiders who knew the truth gleefully discovered that the shares held by Kakao Entertainment were precisely a part of the 14.8% from Li Xiuman’s hands, which meant that Li Xiuman’s actions after the embezzlement likely already included plans to trick the successors.
Moreover, in S.M.’s announcement, Jiang Shu, who also acquired some of Li Xiuman’s shares, remained beautifully hidden, completely unnoticed.
Kakao was tricked and made a series of reactions, while Jiang Shu remained silent. Coupled with his close relationship with Li Xiuman…
It’s hard not to let one’s imagination run wild.
But even if Jiang Shu knew about this matter, at most it would be knowing and not reporting, what big deal could it be?
The tax office and police would not find Jiang Shu.
Don’t be ridiculous. As a major taxpayer in the K-pop industry, unless Jiang Shu, the helmsman, empties DM Entertainment and evades taxes like Li Xiuman, the tax office will definitely not investigate Jiang Shu.
Just kidding, even if the Three Greats were combined, they wouldn’t pay as much tax as DM Entertainment annually. Many taxes don’t need to be paid, but DM Entertainment still paid them. What for?
Protection money!
Just like now, even if they suspect Jiang Shu knew Li Xiuman’s plan from beginning to end, the tax office still has no intention of bothering Jiang Shu.
They really pay money!
