HYBE is being investigated.
The massive company that manages BTS, LE SSERAFIM and other major K-Pop acts has been raided as part of an insider trading investigation, per The Korea Times.
According to the sources, the Seoul Southern District Prosecutors’ Office recently searched HYBE’s headquarters in central Seoul to “investigate allegations that an executive gained illicit profits worth 240 million won ($176,500) through stock trading using insider information.”
The executive, whose identity was not provided, is suspected of purchasing shares of YG Plus, an affiliate of YG Entertainment, after learning of HYBE’s plan to invest in the company.
In addition, HYBE founder and Chairman Bang Si-hyuk has also been under police investigation over charges that he intentionally misled investors ahead of the company’s initial public offering in 2020.
Find out what a member of BTS recently said about the future of the group.
Source: justjared.com