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.
VeryDarkMan shares that he was warned by Burna Boy once that the Nigerians he fights for will one day turn on him.
He shared “Burna Boy warned me, he said the Nigerians I’m fighting for will backstab me. They’ll put knife in your neck if they have the opportunity.”
“Fighting for Nigerians is tiring. Same Nigerians that tried to cancel Burna of their own because of what happened in his UK show. Una international star. Just because him tell one person make him Comot from him show, Una join them everybody wan cancel am.”
Well, a particular song or songs have been ringing in everyone’s ears this week. Do we have the same answer?
Yes, “Heaven Baby” by Ayra Starr and Zayn Malik.
The song has risen quite well, with TikTok users also using it for different trends and videos. It has also made an impact on the charts, reaching No. 2 on the UK Official Afrobeats Chart in its first week.
Other songs from Ayra Starr’s Starrgirl album that have been getting attention include:
- Misunderstood
- Amazing
- Gimme Dat
- Dangerous
- Pressure
“Heaven Baby” has also been gaining significant traction on TikTok, with hundreds of thousands of videos using the sound.
Movie lovers, this weekend we’ll be looking at 10 movies Angelina Jolie has acted in.
- Girl, Interrupted
- Lara Croft: Tomb Raider
- Lara Croft: Tomb Raider – The Cradle of Life
- Mr. & Mrs. Smith
- Wanted
- Salt
- The Tourist
- Maleficent
- Maleficent: Mistress of Evil
- Eternals
“Fighting for Nigerians Is Tiring” — VeryDarkMan Recalls Burna Boy’s Words
Enzo Fernández Moves Closer to Manchester City Transfer
