On May 30, HYBE told SportsV News, “We cooperated with the authorities’ request for data regarding the actions of a former employee.”
According to legal sources on May 29, the Seoul Southern District Prosecutors’ Office recently conducted a search and seizure at HYBE’s headquarters as part of an investigation into employee A, who is suspected of using non-public information to gain hundreds of millions of won in illicit profits.
Employee A is accused of purchasing YG Plus stocks in January 2021, based on prior knowledge of HYBE’s (then Big Hit Entertainment) investment in YG Plus, resulting in a profit of 240 million won.
Separately, on the previous day, the Seoul Metropolitan Police Agency’s Financial Crime Investigation Unit applied for a search and seizure warrant for HYBE with the Seoul Southern District Prosecutors’ Office.
Meanwhile, the police are investigating allegations of fraudulent unfair trading against Bang Si-hyuk Chairman. He is suspected of misleading shareholders with stakes in HYBE by claiming there were no plans for an initial public offering (IPO) while pushing forward with the company’s listing in 2019.
The Financial Supervisory Service (FSS) is reportedly investigating the same matter.
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