Prosecutors Raid HYBE Headquarters Over Executive's Alleged Use of Undisclosed Information
Prosecutors have reportedly conducted a search and seizure at entertainment company HYBE in recent days.
According to the legal community on May 29, the Seoul Southern District Prosecutors' Office recently searched HYBE's headquarters as part of an investigation into executive A, who is suspected of making illicit gains worth hundreds of millions of won by using undisclosed information.
Executive A is accused of acquiring 240 million won by purchasing YG Plus shares in advance, having prior knowledge in January 2021 that HYBE (then Big Hit Entertainment) would invest in YG Plus.
Separately, the Financial Crime Investigation Unit of the Seoul Metropolitan Police Agency also applied for a search and seizure warrant for HYBE to the Seoul Southern District Prosecutors' Office the previous day. The police are investigating HYBE Chairman Bang Si-hyuk on suspicion of fraudulent and unfair trading. He is suspected of deceiving HYBE shareholders at the end of 2019 by stating there were no plans for a public listing, and then subsequently pushing forward with the company's IPO.
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The Financial Supervisory Service is also looking into the case.
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