Police in South Korea have raided the offices of entertainment company HYBE as part of a probe over allegations of unfair share trading involving the company chairman, a source familiar with the matter said.
According to media reports, the country's financial regulator has referred the chairman of HYBE, Bang Si-hyuk, to prosecutors to investigate his activities during the company's stock market listing.
Ahead of the 2020 Initial Public Offering (IPO), Bang and three other executives were accused of misleading investors into selling their shares to a company they secretly controlled and then cashing in once HYBE went public according to the media reports.
HYBE, best known for managing global superstars BTS, says it is fully cooperating with authorities including the police, for "fact-finding efforts".
“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 is HYBE’s founder and its largest shareholder.
Seoul police declined to comment on the ongoing case.
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Israeli Prime Minister Benjamin Netanyahu says he has given an instruction for Israel to begin peace talks with Lebanon that would also include the disarming of Hezbollah.
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Amid fragile calm, António Guterres urged constructive U.S.- Iran talks, while Pope Leo XIV warned violence is spreading. Lebanon's President said an Israeli strike killed 13 security personnel in Nabatieh.
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