Prosecutors raided the Seoul headquarters of HYBE — the Ok-pop company behind such world acts as BTS and Seventeen — on Thursday amid allegations of insider buying and selling involving a former govt. In an announcement shared with Selection, the corporate confirms it’s cooperating with native authorities because the investigation unfolds.

The Seoul Southern District Prosecutors’ Workplace is wanting into allegations that an govt not with the corporate illegally earned income of as much as $176,500 {dollars} (240 million received) by means of inventory buying and selling utilizing insider info, per The Korea Occasions.

“We cooperated with the authorities in response to their request for info regarding the conduct of a former worker,” stated a spokesperson for HYBE International.

The id of the previous worker stays hid as officers examine that individual’s buy of YG Plus (an affiliate of YG Leisure) shares, a transaction stated to have occured after the accused govt realized of HYBE’s plan to put money into the corporate.

Elsewhere, reviews of illegal conduct by the hands of HYBE’s Founder and Chairman, Bang Si-hyuk, surfaced in December on account of the chief being monitored by Korea’s Monetary Companies Supervisors. Although separate from the investigation that occured this morning, monetary regulators in Korea are wanting into claims Si-hyuk purposefully misguided buyers forward of the corporate’s first public providing in 2020.

Within the final 5 years, the corporate has labored to broaden internationally, with budding sectors in world markets together with Latin America and america.

HYBE America declined Selection‘s request for remark.