Latest news with #HybeCo.Ltd
Malaysian Reserve
16-07-2025
- Business
- Malaysian Reserve
Billionaire Hybe founder said to face probe over IPO disclosures
BANG SI-HYUK, the billionaire founder of BTS-agency Hybe Co. Ltd. faces investigation by South Korean prosecutors for allegedly misleading investors ahead of its 2020 IPO. The Financial Services Commission referred the largest shareholder of an unidentified company and its former executives on allegations of deceiving investors and violating trading practices. While the FSC did not name the probe's targets in its statement, a person familiar with the investigation told Bloomberg News the company in question was Hybe. The parties 'deceived existing shareholders by making it seem as if the listing would be delayed' even though the company was preparing for the IPO, the FSC said in the statement. That prompted the existing investors to sell their holdings to a special purpose vehicle that was established by a private equity fund in which the company executives were involved, the statement added. Hybe said it respects the FSC's decision and will do its best to proactively take efforts to restore the trust of the market as well as stakeholders. It also expressed regret that the FSC rejected Bang's explanation that he did not pursue the IPO for personal gain. The Hybe IPO raised about $820 million, pricing shares at the top of the marketed range. The FSC allege that Bang, whose net worth is estimated at $2.3 billion, according to the Bloomberg Billionaires Index, had signed a profit-sharing agreement with the private equity fund, but concealed that information during the IPO process. That agreement allowed Bang to collect about 30% of the profits from the share sales after the IPO, the statement added. Bang, 52, is said to have made approximately 190 billion won ($137 million) through the side transaction, according to Yonhap News. FSC did not reveal the amount Bang made from the side deal. Calls to FSC officials were not answered. The investigation is the latest controversy to hit Hybe. Last year, the firm was shaken by a rare public feud involving chart-topping girl group NewJeans, which unilaterally terminated a lucrative exclusive contract with Hybe affiliate ADOR. –BLOOMBERG
Bloomberg
16-07-2025
- Business
- Bloomberg
Billionaire Hybe Founder Said to Face Probe Over IPO Disclosures
Bang Si-hyuk, the billionaire founder of BTS-agency Hybe Co. Ltd. faces investigation by South Korean prosecutors for allegedly misleading investors ahead of its 2020 IPO. The Financial Services Commission referred the largest shareholder of an unidentified company and its former executives on allegations of deceiving investors and violating trading practices. While the FSC did not name the probe's targets in its statement, a person familiar with the investigation told Bloomberg News the company in question was Hybe.
