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Wednesday, September 27, 2023

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HYBE Rejects Lee Soo Man’s Request To Revoke His Leisure Business Ban

Lee Soo Man signed a contract that banned him from the trade for a time period.

When Lee Soo Man bought his shares in SM Leisure to HYBE, he signed a “no competitors clause.” This ban on competitors clause is a generally used clause that prohibits those that promote shares or companies from doing enterprise in the identical trade for a sure time period.

In line with funding banking trade insiders, Lee Soo Man had just lately requested HYBE to launch him from this clause. He signed the clause in February 2023 when he bought his 14.8% stake in SM Leisure for ₩430 billion KRW (about $325 million USD) to HYBE. Though HYBE ended up promoting its shares to Kakao Leisure after pulling out of the merger and acquisition, the contract between Lee Soo Man and HYBE nonetheless stands legitimate.

HYBE has denied Lee Soo Man’s request for the discharge of the clause. Plainly Lee Soo Man desires to make a return to the trade however is unable to.

HYBE has said that “the withdrawal from the acquisition is a matter that has nothing to do with the contract with Lee Soo Man.” Therefore, there is no such thing as a authorized obligation for them to raise the ban. However, insiders report that Lee Soo Man felt that HYBE’s withdrawal was a stab within the again and therefore requested a raise on the ban.

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