#SHOWBIZ: BTS agency HYBE raided by police amid stock trading probe involving chairman
Asiaone reported yesterday, citing a source familiar with the matter, that the country's financial regulator has referred Bang to prosecutors for investigation.
This follows actions taken during HYBE's initial public offering (IPO) in 2020.
Media reports claim that Bang and three other executives misled investors into selling their shares to an investment firm under their control.
They then allegedly profited from these shares following the company's listing.
HYBE, the agency managing global sensation BTS, has stated it is fully cooperating with the police and other authorities.
"We will take the necessary time to thoroughly demonstrate that the IPO was carried out in full compliance with laws and regulations," the company said in a statement.
Bang, who founded HYBE, remains its largest shareholder.
The Seoul Metropolitan Police declined to comment on the raid.
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