SEOUL (Reuters) -South Korean police raided offices at the headquarters of K-pop agency HYBE on Thursday over allegations of unfair share trading involving the company chairman, a source familiar with the matter said. The country’s financial regulator has referred the chairman of HYBE, Bang Si-hyuk, to prosecutors to investigate his activities during the company’s stock […]
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South Korea police raid offices of K-pop powerhouse HYBE over share probe
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SEOUL (Reuters) -South Korean police raided offices at the headquarters of K-pop agency HYBE on Thursday over allegations of unfair share trading involving the company chairman, a source familiar with the matter said.
The country’s financial regulator has referred the chairman of HYBE, Bang Si-hyuk, to prosecutors to investigate his activities during the company’s stock market listing, according to media reports.
Ahead of the 2020 IPO, Bang and three other executives were accused of having “deceived” investors into selling their shares to an investment company they controlled and eventually profited from share sales after the listing, media reported.
HYBE manages the global K-pop boy band BTS.
The Seoul Metropolitan Police declined to comment when asked about the raid.
HYBE referred to its previous statement that the company was fully cooperating with authorities including the police for “fact-finding efforts”.
“We will take the necessary time to thoroughly demonstrate that the IPO was carried out in full compliance with laws and regulations,” HYBE said.
Bang is HYBE’s founder and largest shareholder.
(Reporting by Ju-min Park; Editing by Ed Davies)