BTS’ label HYBE has been under massive controversy lately. The mega entertainment corporation’s CEO, Bang Si Hyuk, has been accused of insider trading as well as financial fraud. About a week ago, the first raid was conducted at the HYBE headquarters by authorities, and now information and details have surfaced about the aggressive and unusual nature of the raids. Read on to know more.
Aggressive And Unusual Raid At HYBE
According to a new report by the South Korean news outlet JTBC, authorities were granted a warrant that allowed them to search HYBE for nearly a month. This is usually not the case when police are given a warrant to search companies; the search time duration is usually much shorter. The raid at HYBE took place on July 24, and the warrant is eligible till August 16.
The search warrant also included an exceptional cause that allowed the search to be conducted outside of the designated regular hours of the company. This includes the time before sunrise and sunset. Most search operations held in South Korea by the police usually follow a strict time limit; however, this one does not.
Another peculiar thing about this investigation is that the scope of the search operation is quite broad. Instead of being limited to specific offices, police were allowed to go through any department where they might think that relevant materials could be found. That includes everything from the chairman’s office to legal, accounting, finance, and any other team.
One of the reasons why this investigation against HYBE and Bang Si Hyuk is progressing so quickly might be because of the new South Korean administration’s policies. The new government calls for strict punishment for acts that disrupt the capital market.
According to sources, it seems like the investigators were given unique authority during the raid. This aggressive approach seems to be in line with the administration’s strong stance against financial crimes.
Also Read: HYBE Criticised For Enforcing Harsh Clauses In Employee Contracts
Officials have confirmed that the raid at HYBE has ended; however, since the warrant is valid until 16 August, the authorities are free to carry out another investigation if they feel the need to do so.
Also Read: Authorities Initiate Surprise Raid At HYBE Headquarters Amid Stock Manipulation Allegations