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The headquarters of HYBE, the agency which manages global K-pop boy band BTS, was raided by the South Korean police on Thursday over allegations of unfair share trading involving the company chairman, Bang Si-hyuk.
According to media reports, the country’s financial regulator has referred Bang to prosecutors to investigate his activities during the company’s stock market listing.
Ahead of the 2020 IPO, Bang and three other executives were accused of having “deceived” investors into selling their shares to an investment company they controlled. Media reports suggest that these executives had eventually profited from share sales after the listing.