US EditionBTS Agency HYBE Raided over Alleged Fraud Trading
SEOUL, SOUTH KOREA, JUL 24 – Authorities allege Bang Si-hyuk deceived early investors to profit illegally from HYBE's 2020 IPO, with suspected gains around 400 billion won ($292 million), officials said.
- On July 24, police in South Korea conducted a raid at HYBE's Seoul offices amid an investigation into accusations of improper stock trading linked to chairman Bang Si-hyuk.
- The raid follows a probe into whether Bang and three executives deceived investors ahead of HYBE's 2020 IPO and illegally profited from share sales.
- HYBE, managing global K-pop group BTS, stated it is fully cooperating with authorities and will take time to prove the IPO complied with all laws.
- Bang owns approximately 31.8% of HYBE, with his stake valued at more than $2.5 billion, and has been accused of profiting about 200 billion won from the alleged transaction.
- The investigation risks causing leadership uncertainty at HYBE and could affect BTS's planned comeback next year, although BTS's brand remains strong.
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The offices of the agency of the group of South Korean BTS, HYBE, were raided this Thursday. The founder of this empire of K-pop, Bang Si-Hyuk, is accused of fraud during the company's stock exchange introduction...
The music label Hybe manages, among other things, BTS, probably the most famous K-pop band in the world. Now the police have searched the rooms of the headquarters in South Korea – it's all about accusations against the label chief.
·Germany
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The South Korean authorities conducted a search and seizure at the headquarters of the Hybe agency, as part of a fraud investigation against its founder, who launched the famous boy band with multiple records.
·Paris, France
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Radio France Internationale+9 Reposted by 9 other sources
BTS agency HYBE raided over alleged fraud trading
·Paris, France
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Coverage Details
Total News Sources32
Leaning Left5Leaning Right3Center4Last UpdatedBias Distribution42% Left
Bias Distribution
- 42% of the sources lean Left
42% Left
L 42%
C 33%
R 25%
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