HYBE reacts to sudden raid amid risk of Bang Si Hyuk's arrest in 400 billion KRW stock fraud case, will BTS get impacted?
HYBE chairman Bang Si Hyuk, popularly known as Hitman, was under hot waters for his alleged stock fraud. He was accused of securing profit worth millions of KRW through misleading investors, leading to a search and seizure warrant against him. In recent development to the case, HYBE provided a statement regarding the issue, as reported by Xports News on May 30. However, it remains uncertain whether the case will impact BTS, and if yes, how.
HYBE's statement regarding Bang Si Hyuk case
A HYBE official addressed the Bang Si Hyuk stock fraud case, and shared the company's stance to Xports News on May 30. They said, "We cooperated with the investigative authorities' request to provide data regarding the actions of a former employee who resigned." According to the statement, it can be inferred that HYBE tried to shift the blame for fraudulent activities from its chairman to a now-resigned employee.
They showed confidence in Bang Si Hyuk, by agreeing to assist police in the search and seizure process and shared all data needed for investigation against the ex-employee.
About Bang Si Hyuk stock fraud case
Bang Si Hyuk and associates allegedly misled investors in 2019 regarding HYBE's (then BigHit Entertainment) IPO plans. Despite informing certain investors of no immediate plans due to unfavorable market conditions, the company had already taken concrete steps towards an IPO by applying for a designated audit. This discrepancy is central to a case involving a substantial 400 billion KRW deal and alleged hidden profits of around 240 million KRW.
Will the case affect BTS?
BTS is nearing the end of their military service, with SUGA's discharge on June 21. Following their discharge, the group is expected to release new music, potentially dropping a new album within the next couple of months. This would likely be followed by a world tour, possibly kicking off towards early 2026.
However, the ongoing investigation into HYBE might cast a shadow over BTS's comeback plans. As the face of the company, BTS could face unwanted scrutiny and criticism from detractors. The investigation might also impact HYBE's ability to plan and promote BTS's comeback effectively, potentially leading to delays or disruptions in their schedule.
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