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SM demands employee to submit phones and laptop or else they will be fired

As prosecution conducted a search and seizure in relation to Kakao’s alleged manipulation of SM’s stock price, SM demanded employees to submit their devices. 

According to an SM official on the 13th, on the 5th, the day before the search and seizure of Kakao, the SM management demanded that middle managers and above officials submit their mobile phones and laptops. It is said that this was a request of the new CEO Jang Cheol Hyuk.

sm

The official said, “The CEO explained that it was to ‘prepare for an external investigation.’ I was asked to cooperate, and those who refused to submit their devices should be prepared to resign.”

An article expressing dissatisfaction with SM’s announcement has also been posted on “Blind” – a community dedicated to office workers, with many employees agreeing with the claims and even calling SM’s management a “dictatorship”.

Jang Cheol-hyeok

Earlier, the prosecutor’s office dispatched the Financial Supervisory Service to the Kakao and Kakao Entertainment offices to conduct a search and seizure due to suspicion of market manipulation, as Kakao bought a large amount of SM shares during HYBE’s tender offer.

A legal industry official said, “If it is discovered that SM and Align Asset Management Partners are also involved in the suspicion of Kakao’s suspicion of boosting SM’s share price and interfering with HYBE’s tender offer, SM and Align management may also be investigated.”

As of the moment, Chosun Biz has contacted SM to inquire about this issue but did not receive a response.

Source: Chosun Biz.

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