On July 24, the South Korean authorities started looking for Hybe’s Yongsan headquarters in relation to the accusations of bad financial conduct involving the founder Bang Bang.
In response, Hybe’s Chief Legal Officer, Jung Jin-Sto.It has issued an e-mail at company level to calm the anxieties and reaffirm the company’s commitment for transparency. “The investigation is currently underway at our Yongsan office”, Jung Jin-Sto. declared. “Hybe is fully collaborating with the authorities to clarify the facts”.
He also stressed that all commercial actions have joined the legal and regulatory standards. “We will make every effort to demonstrate that our conduct has followed all applicable laws”, He added, ensuring staff who should continue to focus on their roles without fear.
The investigative division on the financial crime of the Soul Metropolitan Police Agency launched the RAID following a formal complaint from the financial surveillance service of South Korea. Hybe AND Bang Bang Accusations in front of an unfair pre-hypipho trading. In particular, Bang Bang It is accused of misleading investors regarding the IPO plans while downloading the actions in a private equity fund established by an associate, a move that presumably generated personal profits of approximately 400 billion (about $ 290 million USD).
The controversy triggered internal disorders, with some Hybe According to reports, the employees worried about the relapse of the reputation and the so -called “owner risk” Bang Si-Hyuk’s Leadership. Jung Jin-Soo’s The reminder seemed to be a direct effort to relieve these concerns.
By adding to the complexity, the jurisdiction on the investigation has bounced between the office of the prosecutors of the southern district of Soul and the special judicial police of the financial surveillance service, leading to the confusion on who is leading the probe.
AS Hybe Navigate this legal storm, the company insists that it will reveal and fully resolve all legal uncertainties. It remains to be seen if this effort will be enough to protect the brand’s reputation and restore internal morality.
Daum
