SM Entertainment and its chief donated 1 billion won ($970,000) for victims of the sunken ferry Sewol on Monday, according to Red Cross officials.

The 500 million won was contributed from SM Entertainment CEO Lee Soo-man’s personal assets while the other half was made under the name of the entire company, the officials said.

As Lee made the donation, he expressed grief over the disaster as a parent who nurtures trainees and celebrities like his own sons and daughters.

“I am grief-stricken as many victims who haven’t even had time to achieve their dreams were sacrificed in the disaster. Also, (we) will make continuous efforts to find ways to help the families as much as possible.”

“The entire donation made by SM Entertainment will be used for the victims of the ferry disaster and their relatives,” Korean Red Cross president Yoo Jung-geun said.

Since the ferry disaster on April 16, SM Entertainment has delayed the release of the new EP of EXO -- honorary ambassadors to Korea’s Red Cross -- and canceled all local promotions to mourn the incident.

SM Entertainment has been taking part in social contribution activities by signing an agreement with the Red Cross for the promotion of blood donation and voluntary work.

By Ha Ji-won, Intern reporter (jiwonha@heraldcorp.com)