HYBE, the company behind BTS and different main Okay-pop acts, has been raided by prosecutors as a part of an insider buying and selling investigation.
In response to The Korea Instances, the Seoul Southern District Prosecutors’ Workplace lately searched the corporate’s headquarters in central Seoul over allegations of an govt utilizing insider data to achieve earnings of $176,500 (240 million received).
This govt is being investigated after he allegedly bought shares of fellow Okay-pop company YG Leisure’s subsidiary YG Plus after studying of HYBE’s funding plans within the firm.
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In January 2021, HYBE and its expertise subsidiary, Weverse Firm, acquired 17.89% of YG Plus in a merchandising and distribution deal.
Individually, Bang Si-hyuk, the founder and chairman of HYBE, is underneath investigation over allegedly defrauding buyers forward of the corporate’s preliminary public providing in 2020 and pocketing $289 million (400 billion received).
Along with BTS, HYBE is house to TXT, Seventeen, LE SSERAFIM, and different Okay-pop stars.