Did HYBE's Bang Si Hyuk downplay CFO's resignation after police raid? All about ADOR director's exit in 400 billion KRW stock probe
HYBE Corporation, the global entertainment giant behind BTS, SEVENTEEN, and LE SSERAFIM, has come under fire. Prosecutors launched a full-scale legal investigation into alleged financial misconduct involving high-ranking executives. The scandal is reportedly centered around illicit profit-making strategies totaling approximately 400 billion KRW (around 294 million USD).
Former CFO Lee Kyung Joon steps down
One of the most significant developments in the case was the resignation of Lee Kyung Joon, HYBE 's former Chief Financial Officer. Until recently, Lee also served as an internal director at ADOR, the HYBE subsidiary responsible for managing NewJeans. His sudden exit from the company, coming just as the legal probe gained momentum, has raised red flags among industry observers and the public alike.
In what many interpret as a damage-control move, HYBE later allegedly downplayed Lee's involvement by referring to him as a 'general employee.' However, official records from a recent shareholders' meeting clearly indicate that Lee was appointed as an internal director at ADOR. This contradict HYBE's public narrative and further fuel skepticism.
Search and seizure targets HYBE headquarters
South Korean authorities recently conducted an extensive search and seizure operation at HYBE's main office, signaling a serious escalation in the probe. The investigation centers on allegations that Bang Si Hyuk misled HYBE investors before the company's IPO.
He reportedly falsely claimed that there were no immediate plans to go public in 2019. This caused some shareholders to sell their shares, unaware HYBE was secretly preparing for an IPO. The shares were then bought by a private equity fund linked to Bang, with undisclosed financial connections.
Prosecutors are believed to be gathering evidence related to HYBE's leadership structure and its investment strategies. They are also examining financial decisions that may have violated corporate law. The probe has intensified amid growing concerns that company insiders may have generated a massive profit of 400 billion KRW at the expense of fair market practice and shareholder trust.
Who's Involved?
HYBE's leadership includes some of the most powerful figures in the entertainment business:
Bang Si Hyuk – Founder and Chairman of HYBE
Yoon Seok Joon – Global & Business CEO
Park Ji Won – HQ & Management CEO
Lee Jin Hyung – Chief Operating Officer
Kim Tae Ho – CSO
Kim Joong Dong – CIO
Lee Kyung Joon – Former CFO
All these executives are now under close observation as questions arise about the company's internal ethical governance practices. As the case unfolds, it remains to be seen whether additional resignations or disciplinary actions will follow.
Public demand transparency
Following the announcement of the investigation, fans and online communities have been vocal in demanding accountability from HYBE's leadership. Many fans, while supportive of the artists under HYBE's management, are urging the corporation to adopt stricter oversight and disclose more details about its financial dealings.
Netizens have emphasized that any wrongdoing at the executive level should be thoroughly investigated. They want them to be held accountable, regardless of their rank or reputation.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India Gazette
2 hours ago
- India Gazette
'Process reforms' vital in India's GDP growth rate of 6-7%: Sanjeev Sanyal
Bengaluru (Karnataka) [India], May 31 (ANI): Economist Sanjeev Sanyal has said that India's economic growth rate of 6 to 7 per cent is a result of many 'process reforms' undertaken that are not part of the headlines. India continues to be among the fastest-growing major economies and is expected to maintain this momentum over the coming years, according to global agencies. Speaking in Bengaluru at a seminar titled 'Reforms: Way To Vikasit Bharath,' Sanyal, who is member of EAC-PM, said 'process reforms are an important part of reforms'. 'These are not reforms that you hear about in the headlines or in newspapers; unless you happen to be from that little sector, you probably don't know anything about it. And yet it is the accumulation of these hundreds of small reforms,' he said. 'The 6.5-7 per cent GDP growth rate we are now seeing is driven at least in part by the efficiencies we get from this kind of reform,' Sanyal said, highlighting the importance of micro-reforms. He said that the government has removed hundreds of outdated colonial-era laws. 'My late colleague Vivek Debroy was much into that. He was instrumental in removing hundreds of outdated, ridiculous laws. We've got four major maritime laws which go back more than 100 years, which I have worked to change,' he said. Sanyal said that reforms can be challenging and may not be popular with people but have a positive impact on economic growth. 'Laws are changing. These reforms are happening. And this is very painful, excruciating work, as you can tell; each one of them will need data, and we need to argue with people. You have to be willing to be unpopular with a large number of people, but you have to persist with this,' he said. 'Yesterday, you got the data: the economy grew in the last quarter by 7.4 per cent and we are now by some margin the fastest-growing economy despite all the turbulence in the world. It's not happening just like that. There's a lot of work that goes on at the back to keep this economy running,' Sanyal added. He noted that while small reforms often go unappreciated, their cumulative impact has significantly improved systemic efficiency. This, he added, is one of the key drivers behind the current 6.5-7 per cent GDP growth rate. According to the IMF's April edition of the World Economic Outlook, India's nominal GDP for fiscal year 2026 is expected to reach around USD 4.187 trillion. This is marginally more than Japan's likely GDP, which is estimated at USD 4.186 billion. Indian economy grew by 6.5 per cent in real terms in the recently concluded financial year 2024-25, Ministry of Statistics and Programme Implementation's official data showed on Friday. (ANI)
United News of India
7 hours ago
- United News of India
Proposed 50 pc hike in US steel, aluminum import tariffs to be significant bearing on India's steel exports: FIEO Prez
Hyderabad, May 31 (UNI) Federation of Indian Export Organisations (FIEO) on Saturday expressed concern over the recent announcement by the US President to double import tariffs on steel and aluminium from 25 to 50 percent, citing potential disruption to India's steel and aluminium exports, particularly in value-added and finished steel products and auto components. While reacting over the development, FIEO President S C Ralhan stated in a statement that the proposed increase in US steel and aluminum import tariffs will have a significant bearing on India's steel exports, especially in semi-finished and finished categories like stainless steel pipes, structural steel components and automotive steel parts. These products are part of India's growing engineering exports, and higher duties could erode our price competitiveness in the American market. India exported around US 6.2 billion Dollar worth of steel and finished steel products to the US in FY2024-25 including a widerange of engineered and fabricated steel components and about USD 0.86 billion of aluminum and its products. The US is among the top destinations for Indian steel manufacturers, who have been gradually increasing marketshare through high-quality production and competitive pricing. The FIEO President said, "while we understand that the decision stems from domestic policy considerations in the US, such sharp increases in tariffs send discouraging signals to global trade and manufacturing supply chains. "We urge the government to take up the issue at the bilateral level to ensure that Indian exporters are not unfairly disadvantaged more so far the shipments, as 25 percent additional duty will be a huge burden, which is difficult to be absorbed by the exporter / importer," he said. The FIEO Chief also emphasized the need for Indian exporters to diversify their markets and invest in higher-grade value-added products to mitigate the impact of such protectionist measures. UNI KNR SS
Time of India
7 hours ago
- Time of India
Sexagenarian South Korea man sets fire in Seoul subway as he was angry at divorce suit outcome
An apprehended arson suspect in his 60s is believed to have told police that he set fire inside a Seoul subway train on Saturday as he was angry at the outcome of a divorce lawsuit. The suspect allegedly set fire to pieces of clothes inside the Line Number 5 subway travelling between the Yeouinaru and Mapo stations at 8:43 a.m. after boarding the train with a lighter-type torch and a fuel container, according to police and witnesses, as per a report. During an investigation by police, the suspect is believed to have stated he set the fire in complaint about the outcome of a divorce lawsuit. The suspect reportedly had no intent to kill himself, IANS reported. Police found the suspect had a lot of soot on his hands when he was carried out on a stretcher from the platform at Yeouinaru Station. He was apprehended at the scene at 9:45 a.m. after admitting to the alleged arson during police questioning. Police plan to file a formal arrest warrant against him on Sunday, Yonhap news agency reported. Due to the fire, more than 400 passengers escaped through the tunnel, with 21 of them being sent to the hospital for injuries, such as smoke inhalation and a fractured ankle. No serious injuries have so far been reported. Live Events Passengers and the train conductor initially contained the flames with fire extinguishers before they were fully extinguished at about 10:24 a.m. Authorities dispatched 230 personnel, including firefighters and police officers, to the scene. Subway services between Yeouido and Aeogae stations were suspended for a while before resuming at 10:06 a.m. Earlier in the day, South Korean Police apprehended the accused. Police questioned the suspect about the motive and conducted a forensic examination of the scene. FAQs Q1. Which city is capital of South Korea ? A1. Capital of South Korea is Seoul. Q2. Name any station located at Seoul subway? A2. Stations located at Seoul subway are Yeouido and Aeogae.
