On July 24, the Financial Crime Investigation Unit of the Seoul Metropolitan Police Agency raided BTS’ label HYBE at their headquarters in Yongsan, Seoul. The search operation was carried out after a warrant was issued to the police on July 17. The investigation was triggered when HYBE and its founder, Bang Si Hyuk, were accused of Illegal trading of shares and allegations of fraud. The company’s Chief Legal Officer, Jung Jin Soo, has now released a statement regarding the raid. Read on to know more.
Bang Si Hyuk is currently accused of misleading investors in 2019 by alleging that HYBE did not have any plans for an IPO. Investigators allege that Bang Si Hyuk transferred HYBE’s shares to a special purpose company (SPC) created by a private equity fund with ties to HYBE executives. Authorities claim that Bang earned around 120 billion KRW from these fraudulent transactions.
What HYBE’s CLO Said In New Statement
Following the raid, HYBE’s Chief Legal Officer Jung Jin Soo issued an internal email urging employees to remain calm. “The company is actively cooperating with the authorities to clarify the facts,” he said in his statement. “Please do not be overly worried about the investigation at the Yongsan office and continue focusing on your responsibilities.”
A collaborative task team consisting of police, prosecutors, and Financial Supervisory Service (FSS) personnel is presently investigating into the case.
Jung’s remarks emphasised the need for stability inside the organisation during these chaotic times. This is not the first time such allegations have been made against HYBE and Bang Si Hyuk. In November 2024, the company was accused of similar charges.
Also Read: Here Are All The Shocking Details Revealed In The Latest NewJeans-ADOR Court Case