SM Entertainment Announces Important Decision Amid Contract Dispute With EXO-CBX

“After careful deliberation…”

SM Entertainment revealed that they would be providing EXO-CBX members with a full accounting of their activities and the subsequent revenues generated.

From left: Chen, Baekhyun, and Xiumin | SM Entertainment

On June 5, SM Entertainment stated that after careful deliberation, they had come to a decision regarding EXO-CBX’s request to see accounting documents. The agency then hinted that the reason it wasn’t provided earlier was because then members would be aware of other members’ financial information.

We would like to inform you of our decision in regard to recent requests made by Baekhyun, Chen, and Xiumin to see accounting documents. The accounting documents reveal private information that may be revealed. In the case of groups, because there is information about other members as well, there needs to be caution.

— SM Entertainment

SM Entertainment then stated that they would be obliging the idols’ requests to see accounting documentation under the condition that they receive reassurances that the information will not be used in any other way.

After careful deliberation, we plan on providing the artists with the documentation under the condition we verify that it will be only used by the three artists and their legal representatives to review it and won’t be used for any other reason.

— SM Entertainment

The label then reassured fans that the agency would do its best not to let the situation affect upcoming EXO group activities.

Besides the three artists, we asked permission from the other EXO members to provide the documents. We will do our best not to affect EXO activities that fans have waited for.

— SM Entertainment

Meanwhile, SM Entertainment and EXO-CBX have been engaged in a legal dispute over the idol’s contract and the label’s accounting practices.

SM Entertainment building | Maeil Kyungjae

Earlier, it was reported that the idol’s lawyers have requested authorities examine all SM Entertainment artists’ contracts.

EXO-CBX’s Lawyer Formally Requests Authorities Examine All SM Entertainment Artists’ Contracts

Stay tuned for updates.


Source: newsen