South Korean police raided the offices of K-pop group HYBE over an investigation into investor fraud

In South Korea, police on Thursday raided the offices of K-pop agency HYBE's headquarters over allegations of unfair stock trading involving company chairman Bang Si-hyuk. Specifically, he is accused of providing false information to investors, according to UNN, citing Reuters.

Details

South Korea's financial regulator referred HYBE chairman Bang Si-hyuk to prosecutors for investigation into his activities during the company's stock market listing. Seoul Metropolitan Police declined to comment on the raid.

Ahead of the 2020 IPO, Bang and three other executives were accused of "deceiving" investors into selling their shares to an investment company they controlled, and ultimately profiting from the sale of shares after the listing.

HYBE manages the global K-pop boy band BTS. The company referred to its previous statement that it is fully cooperating with authorities, including law enforcement, to "clarify the facts."

We will take the necessary time to thoroughly demonstrate that the IPO was conducted in full compliance with laws and regulations

It is specified that Bang is the founder and largest shareholder of HYBE.

Reference

K-pop, or "Korean pop," is a music genre that originated in South Korea. It includes elements of Western electropop, hip-hop, dance music, and R&B. It has become a global phenomenon, transforming into a subculture popular worldwide.

K-pop is an important part of South Korea's cultural exports. Its popularization and promotion are handled by a special unit within the country's Ministry of Culture.

Addition

In South Korea, a teacher and a student's father were arrested for attempting to steal exam papers from a school in Andong. Their attempt was thwarted by an alarm, and police suspect previous incidents and bribery.