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Economic Times
9 hours ago
- Business
- Economic Times
K-pop BTS agency HYBE raided over alleged fraud trading, mastermind Bang under investigation
Reuters Members of K-pop boy band BTS pose for photographs during a photo opportunity promoting their single 'Butter' in Seoul, South Korea (File Photo) HYBE, the agency behind K-pop superstars BTS, was raided by police on Thursday in connection with alleged fraudulent trading involving its founder Bang Si-hyuk, investigators said. "We are conducting a search and seizure at HYBE's headquarters in Yongsan District," the Financial Crimes Investigation Unit of the Seoul Metropolitan Police Agency said in a brief statement. Bang, the mastermind behind BTS, is under investigation over allegations that he misled early investors to reap illicit profits from the company's 2020 initial public is accused of gaining around 200 billion won (US$146 million) through the process, according to local has denied Bang committed any wrongdoing. "We will dutifully clarify that the listing at the time was carried out in compliance with all relevant laws and regulations," the company said in a statement in early July, pledging "active cooperation" with authorities to get to the bottom of the investigation comes as all seven BTS members complete their mandatory military service and prepare for a comeback next year. HYBE announced earlier this month that a new album and world tour were scheduled for known for championing progressive causes, holds the record as the most-streamed group on Spotify and became the first K-pop act to top both the Billboard 200 and Billboard Artist 100 charts in the United their military service, BTS generated more than 5.5 trillion won ($4 billion) in yearly economic impact, according to the Korea Culture and Tourism Institute. That accounts for roughly 0.2% of South Korea's total GDP, according to official data.
Business Recorder
10 hours ago
- Business
- Business Recorder
BTS agency HYBE raided over alleged fraud trading
SEOUL: HYBE, the agency behind K-pop superstars BTS, was raided by police on Thursday in connection with alleged fraudulent trading involving its founder Bang Si-hyuk, investigators said. 'We are conducting a search and seizure at HYBE's headquarters in Yongsan District,' Seoul police said in a brief statement. Bang, the mastermind behind BTS, is under investigation over allegations that he misled early investors to reap illicit profits from the company's 2020 initial public offering. He is accused of gaining around 200 billion won (US$146 million) through the process, according to local reports. HYBE has denied Bang committed any wrongdoing. 'We will dutifully clarify that the listing at the time was carried out in compliance with all relevant laws and regulations,' the company said in early July, pledging 'active cooperation' with authorities to get to the bottom of the case. Bang allegedly misled HYBE's early investors, who held pre-IPO shares, by telling them in 2019 he had no plans to take the company public. He then allegedly encouraged them to sell their shares to private equity funds when in fact IPO plan was in the making. HYBE went public in 2020, after the shareholders sold their stakes. Top stars and directors head to Venice for high-powered 2025 festival The 52-year-old is accused of secretly striking a deal with the private equity funds to receive a portion of the profits they made from selling shares after the IPO. 2026 comeback The investigation comes as all seven BTS members complete their mandatory military service and prepare for a comeback next year. HYBE announced this month that a new album and world tour were scheduled for 2026. BTS, known for championing progressive causes, holds the record as the most-streamed group on Spotify and became the first K-pop act to top both the Billboard 200 and Billboard Artist 100 charts in the United States. Before their military service, BTS generated more than 5.5 trillion won ($4 billion) in yearly economic impact, according to the Korea Culture and Tourism Institute. That accounts for roughly 0.2 percent of South Korea's total GDP, according to official data. There had been debate over whether BTS should be granted exemptions from military service – sometimes granted to Olympic medallists and classical artists who win top international awards – but pop stars do not qualify under South Korean laws. With the lack of public consensus on the matter, the members enlisted individually, beginning in late 2022.
Bangkok Post
10 hours ago
- Business
- Bangkok Post
BTS agency HYBE raided over alleged fraud trading
SEOUL — HYBE, the agency behind Korean pop (K-pop) superstars BTS, was raided by police on Thursday in connection with alleged fraudulent trading involving its founder Bang Si-hyuk, investigators said. "We are conducting a search and seizure at HYBE's headquarters in Yongsan District," Seoul police said in a brief statement. Bang, the mastermind behind BTS, is under investigation over allegations that he misled early investors to reap illicit profits from the company's 2020 initial public offering. He is accused of gaining around 200 billion won (US$146 million) through the process, according to local reports. HYBE has denied Bang committed any wrongdoing. "We will dutifully clarify that the listing at the time was carried out in compliance with all relevant laws and regulations," the company said in early July, pledging "active cooperation" with authorities to get to the bottom of the case. Bang allegedly misled HYBE's early investors, who held pre-IPO shares, by telling them in 2019 he had no plans to take the company public. He then allegedly encouraged them to sell their shares to private equity funds when in fact IPO plan was in the making. HYBE went public in 2020, after the shareholders sold their stakes. The 52-year-old is accused of secretly striking a deal with the private equity funds to receive a portion of the profits they made from selling shares after the initial public offering (IPO). 2026 comeback The investigation comes as all seven BTS members complete their mandatory military service and prepare for a comeback next year. HYBE announced this month that a new album and world tour were scheduled for 2026. BTS, known for championing progressive causes, holds the record as the most-streamed group on Spotify and became the first K-pop act to top both the Billboard 200 and Billboard Artist 100 charts in the United States. Before their military service, BTS generated more than 5.5 trillion won ($4 billion) in yearly economic impact, according to the Korea Culture and Tourism Institute. That accounts for roughly 0.2%of South Korea's total GDP, according to official data. There had been debate over whether BTS should be granted exemptions from military service -- sometimes granted to Olympic medallists and classical artists who win top international awards -- but pop stars do not qualify under South Korean laws.
Int'l Business Times
11 hours ago
- Business
- Int'l Business Times
BTS Agency HYBE Raided Over Alleged Fraud Trading
HYBE, the agency behind K-pop superstars BTS, was raided by police on Thursday in connection with alleged fraudulent trading involving its founder Bang Si-hyuk, investigators said. "We are conducting a search and seizure at HYBE's headquarters in Yongsan District," Seoul police said in a brief statement. Bang, the mastermind behind BTS, is under investigation over allegations that he misled early investors to reap illicit profits from the company's 2020 initial public offering. He is accused of gaining around 200 billion won (US$146 million) through the process, according to local reports. HYBE has denied Bang committed any wrongdoing. "We will dutifully clarify that the listing at the time was carried out in compliance with all relevant laws and regulations," the company said in early July, pledging "active cooperation" with authorities to get to the bottom of the case. Bang allegedly misled HYBE's early investors, who held pre-IPO shares, by telling them in 2019 he had no plans to take the company public. He then allegedly encouraged them to sell their shares to private equity funds when in fact IPO plan was in the making. HYBE went public in 2020, after the shareholders sold their stakes. The 52-year-old is accused of secretly striking a deal with the private equity funds to receive a portion of the profits they made from selling shares after the IPO. The investigation comes as all seven BTS members complete their mandatory military service and prepare for a comeback next year. HYBE announced this month that a new album and world tour were scheduled for 2026. BTS, known for championing progressive causes, holds the record as the most-streamed group on Spotify and became the first K-pop act to top both the Billboard 200 and Billboard Artist 100 charts in the United States. Before their military service, BTS generated more than 5.5 trillion won ($4 billion) in yearly economic impact, according to the Korea Culture and Tourism Institute. That accounts for roughly 0.2 percent of South Korea's total GDP, according to official data. There had been debate over whether BTS should be granted exemptions from military service -- sometimes granted to Olympic medallists and classical artists who win top international awards -- but pop stars do not qualify under South Korean laws. With the lack of public consensus on the matter, the members enlisted individually, beginning in late 2022.
Mint
11 hours ago
- Business
- Mint
South Korea police raid offices of BTS agency HYBE over fraud trading probe
The Seoul headquarters of HYBE, the agency which manages global K-pop boy band BTS, was raided by the South Korean police on Thursday over allegations of unfair share trading involving the company chairman, Bang Si-hyuk. According to media reports, the country's financial regulator has referred Bang to prosecutors to investigate his activities during the company's stock market listing. 'We are conducting a search and seizure at HYBE's headquarters in Yongsan District,' the Financial Crimes Investigation Unit of the Seoul Metropolitan Police Agency said in a brief statement. Ahead of the 2020 IPO, Bang and three other executives were accused of having 'deceived' investors into selling their shares to an investment company they controlled. Media reports suggest that these executives had eventually profited from share sales after the listing. He is accused of gaining around 200 billion won (US$146 million) through the process, according to local reports. HYBE has denied Bang committed any wrongdoing. 'We will dutifully clarify that the listing at the time was carried out in compliance with all relevant laws and regulations,' the company said in a statement in early July, pledging 'active cooperation' with authorities to investigate the case. 'We will take the necessary time to thoroughly demonstrate that the IPO was carried out in full compliance with laws and regulations,' HYBE said. Bang is HYBE's founder and largest shareholder. The investigation comes as all seven BTS members complete their mandatory military service and prepare for a comeback next year. Earlier this month, HYBE announced that a new BTS album and world tour were scheduled for 2026. BTS, known for championing progressive causes, holds the record as the most-streamed group on Spotify and became the first K-pop act to top both the Billboard 200 and Billboard Artist 100 charts in the United States. According to the Korea Culture and Tourism Institute, before their military service, BTS generated more than 5.5 trillion won ($4 billion) in yearly economic impact. That accounts for roughly 0.2 per cent of South Korea's total GDP, according to official data. (With inputs from agencies)
