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DEVELOPING: HYBE IS BEING INVESTIGATED, SPECIFICALLY BSH
🕑 Added 2024-06-25 08:00:09 +0000 UTCThe Fair Trade Commission (FTC) announced it is conducting an on-site investigation into HYBE, the first entertainment company to be designated as a large business group, for allegedly omitting information about relatives and submitting false data.
According to confirmation from the FTC on the 24th, investigators have been dispatched to HYBE's headquarters to probe allegations of omitted or falsely submitted data related to the relatives of Chairman Bang Si-hyuk, the largest shareholder. This investigation comes a month after HYBE was designated as a large business group by the FTC.
An FTC official stated, "When designating a large business group, it is crucial to identify the affiliated companies of relatives. HYBE is suspected of omitting or inaccurately reporting the scope of the chairman's relatives, the companies owned by these relatives, and the affiliated companies."
The official further explained, "After thoroughly examining related facts, such as comparing publicly available data on HYBE shares held by relatives, we concluded there are suspicions of data omission and false submissions by HYBE."
In May, the FTC designated HYBE as a large business group because its assets exceeded 5 trillion won last year, meeting the necessary requirements. Consequently, HYBE and its affiliates must now disclose major internal transactions, important matters of unlisted companies, the status of business groups, and stock ownership under the Fair Trade Act.
As the head of a conglomerate, Bang Si-hyuk is subject to regulations preventing the defrauding of private interests. Bang, who holds a 31.8 percent stake in HYBE, must ensure that work is not unfairly allocated to affiliates where his relatives are shareholders. Additionally, he must sign a declaration confirming the accuracy of the reported status of affiliates included in the business group annually.
An FTC official concluded, "We cannot definitively state what is wrong or whether it is illegal at this stage. Clear violations will be identified after reviewing the data obtained from HYBE."
NOTE: I am asking my friends what this is about, if this is normal, routine, etc. In the US, things like this are routine.
At the same time, I also want to focus on Jimin's Muse. So, I may update here but I won't update on Twitter or YouTube
SOURCE: https://www.bloter.net/news/articleView.html?idxno=618169
Comments
Maria Gil
If ADORE is still part of HYBE, then maybe the investigation will dig up fishy things about MHJ instead of BSH. And anyway, hasn’t he stepped aside to do more creative work? Oh, and it just occurred to me to me that BTS share ownership. I hope they don’t suffer any consequences.
Elaine
I would not be surprised to find that Hybe’s/BSH’s investigations into MHJ/Ador that caused her to throw allegations back is what started all of this…she has been plotting and gathering info for a long time.
