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Prosecutors raided the Seoul headquarters of HYBE — the Ok-pop company behind such international acts as BTS and Seventeen — on Thursday amid allegations of insider buying and selling involving a former government. In a press release shared with Variety, the corporate confirms it’s cooperating with native authorities because the investigation unfolds.
The Seoul Southern District Prosecutors’ Office is trying into allegations that an government not with the corporate illegally earned earnings of as much as $176,500 {dollars} (240 million gained) by way of inventory buying and selling utilizing insider data, per The Korea Times.
“We cooperated with the authorities in response to their request for information concerning the conduct of a former employee,” stated a spokesperson for HYBE Global.
The identification of the previous worker stays hid as officers examine that individual’s buy of YG Plus (an affiliate of YG Entertainment) shares, a transaction stated to have occured after the accused government discovered of HYBE’s plan to spend money on the corporate.
Elsewhere, experiences of illegal conduct by the hands of HYBE’s Founder and Chairman, Bang Si-hyuk, surfaced in December on account of the chief being monitored by Korea’s Financial Services Supervisors. Though separate from the investigation that occured this morning, monetary regulators in Korea are trying into claims Si-hyuk purposefully misguided traders forward of the corporate’s first public providing in 2020.
In the final 5 years, the corporate has labored to broaden internationally, with budding sectors in international markets together with Latin America and the United States.
HYBE America declined Variety‘s request for remark.