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[Alpha Biz=(Chicago) Reporter Paul Lee] Chief Strategy Officer (CSO) Jang Jae-ho, known as the real owner of SM Entertainment, has left the company. CSO Jang is under investigation by the Financial Supervisory Service over allegations of SM market price manipulation. Recently, it was controversial to acquire an acquaintance's private company at a high price.
According to SM on 24th, CSO Jang resigned as of 21st. CSO Jang first joined SM in May 2021 as a close aide to former CEO Lee Sung-soo. He took the position of CSO the following year and was dismissed shortly after. There was a time of controversy when SM shares paid in the name of bonuses were sold en masse at high prices to realize hundreds of millions of won in profits.
CSO Jang returned to CSO after the acquisition of SM in March this year. Regarding the suspicion of SM market price manipulation, Jang Chul-hyuk, former co-representatives Lee Sung-soo and Tak Young-joon are under investigation by the FSS as suspects. Recently, it became controversial by acquiring a company close to him at a high price through KMR, a subsidiary of SM.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
