Fair Trade Commission Launches Investigation Against HYBE For Falsifying Important Documents
On June 24, 2024, it was reported by Korean media that the Fair Trade Commission has launched an official investigation against HYBE. They recently sent an official to the company in order to fully investigate the matter.
HYBE was suspected of the omission of and or falsely submitting data related to the relatives of founder and chairman Bang Si Hyuk. As HYBE recently became a conglomeration, they are legally required to identify the family members and their affiliated companies of the higher ups. According to a statement made by the official from the Fair Trade Commission, HYBE was suspected of omitting or falsely writing and submitting the scope of their founder’s relatives, the companies owned by the relatives, and other affiliates. They further explained that as a result of examining the facts related to the case, including comparing the HYBE shares held by relatives based on publicly announced data, the Fair Trade Commission judged that HYBE and Bang Si Hyuk were suspected of the aforementioned acts.
HYBE was announced as a conglomerate in May 2024. They are the only entertainment company in South Korea to reach Stay tuned for more on the case.
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