K-Pop Drama: HYBE Headquarters Raided Amid Share Trading Scandal

Police in South Korea raided the offices of K-pop agency HYBE over allegations of unfair share trading by the company's chairman, Bang Si-hyuk. This development follows media reports that Bang and three other executives deceived investors before HYBE's 2020 IPO, leading to financial gains after the listing.

South Korean police conducted a raid on the headquarters of K-pop agency HYBE on Thursday, the center of a storm over alleged unfair share trading involving its chairman. A source with insight into the proceedings broke the news amid growing scrutiny of the popular entertainment company.

The investigation stems from accusations implicating Bang Si-hyuk, HYBE's chairman, and three other executives. They allegedly misled investors prior to the agency's 2020 initial public offering, leading them to sell shares to an investment entity under their control, from which they reportedly profited significantly after going public.

HYBE, known globally for managing the hit K-pop band BTS, reiterated its commitment to cooperating with law enforcement. "We will take the necessary time to thoroughly demonstrate that the IPO was carried out in full compliance with laws and regulations," a statement from the company said, asserting its position amid the intensifying probe.

(With inputs from agencies.)