The Man Behind BTS To Be Jailed? Hybe Founder Faces Fraud Allegations
If found guilty and the gains exceed 5 billion KRW (approximately $3.64 million), Hybe founder could face life imprisonment or a minimum of five years in prison.
The man behind the globally popular K-pop group, BTS, has landed in big trouble. Bang Si-hyuk, founder and chairman of Hybe – the South Korean entertainment company which handles BTS, has been accused of indulging in fraudulent activities. As reported by allkpop, Bang has been accused of engaging in fraudulent and unfair trading under the Capital Markets Act.
Reportedly, the South Korean Financial Supervisory Service (FSS) recently held a meeting of its Securities and Futures Commission (SFC) to discuss the level of disciplinary action against Bang Si-Hyuk.
What Are The Allegations Against Hybe Founder?
The financial watchdog is investigating Bang over allegations that he misled investors by denying any plans for an IPO. With this, he encouraged them to sell their HYBE shares to a private equity fund (PEF) linked to him. This was around the time when HYBE was secretly preparing to go public. Therefore, when the company eventually did file for an IPO, Bang reportedly benefited through a 30% return-sharing deal with the PEF, a transaction not disclosed during the IPO process.
This means that if found guilty and the gains exceed 5 billion KRW (approximately $3.64 million), Bang could face life imprisonment or a minimum of five years in prison.
What Does HYBE Say About The Alleged Fraud?
Previously, HYBE reacted to the controversy and claimed that 'all transactions were carried out legally by undergoing thorough legal reviews." 'We apologise for causing concern due to news related to our IPO process. We are actively cooperating with financial authorities and the police by providing detailed explanations and submitting relevant documents regarding the matters currently under investigation," its statement read. Reportedly, the company is also running a parallel investigation, but there is no official confirmation of this as of now.
For the unversed, HYBE manages some of the biggest names in K-pop, including BTS, Tomorrow X Together, LE SSERAFIM, NewJeans, BOYNEXTDOOR, and KATSEYE.
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