Entertainment
Police Raid HYBE Over Alleged Stock Fraud Involving Chairman Bang Si‑hyuk
HYBE, the powerhouse behind global K-pop acts like BTS, TXT, Seventeen, found itself at the center of controversy on July 24 after Seoul police officers stormed the company’s headquarters in Yongsan. This surprise raid was part of an investigation into allegations that the agency’s chairman, Bang Si‑hyuk, was involved in stock fraud tied to HYBE’s initial public offering.
Authorities from the Seoul Metropolitan Police’s financial crimes unit began searching the building in the early hours, seizing documents and digital records they believe could be key evidence. The investigation stems from a complaint filed by the Financial Supervisory Service, accusing Bang of misleading investors and making unfair gains before HYBE went public in 2020.
Back in 2019, Bang reportedly told early investors that HYBE had no intention of listing on the stock exchange. Trusting his word, many sold off their shares. But shortly after, HYBE pushed ahead with an IPO in 2020, and Bang is said to have walked away with hundreds of billions of won in profit, money those early investors never saw.
Investigators believe Bang used a private investment vehicle, possibly with the help of former employees, to secretly benefit from the listing while keeping others in the dark. Additionally, the alleged scheme could amount to a serious breach of South Korea’s financial laws.
This case has been quietly building for months.
In May, South Korea’s financial regulators handed over their findings to prosecutors. By July 17, police had obtained search warrants. On July 24, they moved in and launched the raid. Just days earlier, the Seoul Southern District Prosecutors’ Office granted the FSS full authority to dig deeper into the matter, giving the case even more weight.
In a short statement, HYBE said it is fully cooperating with the authorities and maintains that it has done nothing illegal. In addition, the company emphasized that its IPO process followed all necessary procedures and that it will continue to work with investigators to resolve the issue.
Nigerian singer Harry song speaks on the rising insecurity in the country and shared that increasing the security income can help improve their performance in securing the country.
The singer took to social media and urged the government “TO MR PRESIDENT. IF YOU REALLY, TRULY WANNA END INSECURITY IN NIGERIA? Start by increasing the salary and allowances of the armed forces. The salary of the army, the navy, the air force, the Nigerian Police Force is too small, too shameful. Increase their salary, this job should be worth dying for. Increase their salaries ooooooo pls and pls.”
Nigerian singer, Peter Okoye from the former duo P-Square, shares his greatest fear. During a recent interview, the singer spoke about his fears and revealed that he is not afraid of death.
Instead, he said he is scared of poverty and has this fear because he has experienced it before. “I am not afraid of death. The only thing I am afraid of in this life is poverty, of being broke.
“I have tasted it [poverty] before. I have been in our house with my parents and siblings, and a bulldozer came and demolished it.”
Popular Nigerian singer, Davido, makes headlines for his gesture of goodwill. It can be noted that during the afternoon performance, the singer paused for one minute of silence to honor his colleague Wizkid’s mother.
The singer paused during his performance and said “Personally, I have lost many loved ones, people close to me, so I understand how Wizkid is feeling right now. May his mother, our mother because she was dear to me, rest in peace.”
This gesture touched many fans, as they were in awe of the singer showing a kind heart despite the usual rivalry between their fan bases.
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