Seoul: Police have raided the Korea Exchange (KRX), South Korea's stock market operator, as part of an investigation into allegations of irregularity involving the chairman of Hybe, the K-pop agency behind boy band BTS, according to sources Thursday.
According to Yonhap News Agency, investigators at the Seoul Metropolitan Police Agency conducted a raid on the offices of the KRX in Yeouido, western Seoul, on Monday. The objective was to search and secure evidence concerning the K-pop agency's stock market debut in 2020.
The raid is linked to an investigation into allegations that Hybe Chairman Bang Si-hyuk intentionally misled investors prior to the company's stock market debut in 2020. The investigation seeks to uncover whether Bang had any deliberate intent to deceive investors by falsely claiming there were no plans for the agency's public offering.
The Financial Supervisory Service (FSS) is also probing the case and had summoned Bang late last month. This summons was aimed at questioning him about alleged irregularities related to Hybe's stock market debut.