Did HYBE’s Bang Si Hyuk downplay CFO’s resignation after police raid? All about ADOR director’s exit in 400 billion KRW stock probe

HYBE Corporation, the worldwide leisure huge within the relieve of BTS, SEVENTEEN, and LE SSERAFIM, has approach below fire. Prosecutors launched a stout-scale most challenging investigation into alleged monetary misconduct fascinating high-rating executives. The scandal is reportedly centered around illicit earnings-making recommendations totaling roughly 400 billion KRW (around 294 million USD).

Aged CFO Lee Kyung Joon steps down

One of the most critical developments within the case used to be the resignation of Lee Kyung Joon, HYBE’s oldschool Chief Monetary Officer. Until lately, Lee also served as an internal director at ADOR, the HYBE subsidiary to blame for managing NewJeans. His sudden exit from the corporate, coming appropriate as the coolest probe won momentum, has raised crimson flags amongst alternate observers and the general public alike.

In what many assert as a damage-administration transfer, HYBE later allegedly downplayed Lee’s involvement by relating to him as a “standard employee.” Nonetheless, authentic files from a recent shareholders’ assembly clearly listing that Lee used to be appointed as an internal director at ADOR. This contradicts HYBE’s public fable and further fuels skepticism.

Search and seizure targets HYBE headquarters

South Korean authorities lately conducted an intensive search and seizure operation at HYBE’s critical office, signaling a severe escalation within the probe. The investigation centers on allegations that Bang Si Hyuk misled HYBE investors earlier than the corporate’s IPO.

He reportedly falsely claimed that there were no instantaneous plans to head public in 2019. This triggered some shareholders to promote their shares, unaware HYBE used to be secretly getting prepared for an IPO. The shares had been then offered by a non-public equity fund linked to Bang, with undisclosed monetary connections.

Prosecutors are believed to be gathering proof associated to HYBE’s management building and its investment recommendations. They are also inspecting monetary selections that would perchance salvage violated corporate legislation. The probe has intensified amid rising concerns that company insiders would perchance salvage generated a huge earnings of 400 billion KRW on the expense of swish market apply and shareholder trust.

Who’s Enthusiastic?

HYBE’s management contains one of the critical most most mighty figures within the leisure alternate:

• Bang Si Hyuk – Founder and Chairman of HYBE
• Yoon Seok Joon – World & Enterprise CEO
• Park Ji Obtained – HQ & Administration CEO
• Lee Jin Hyung – Chief Working Officer
• Kim Tae Ho – CSO
• Kim Joong Dong – CIO
• Lee Kyung Joon – Aged CFO

All these executives are now below shut commentary as questions arise about the corporate’s internal moral governance practices. Because the case unfolds, it remains to be seen whether further resignations or disciplinary actions will apply.

Public ask transparency

Following the announcement of the investigation, followers and online communities were vocal in annoying accountability from HYBE’s management. Many followers, while supportive of the artists below HYBE’s administration, are urging the corporation to adopt stricter oversight and assert more info about its monetary dealings.

Netizens salvage emphasized that any wrongdoing on the executive stage desires to be completely investigated. They desire them to be held to blame, no topic their ugly or reputation.