Okay-pop band BTS’ firm workers accused of insider shopping for and promoting

By AFP

SEOUL: Three workers at HYBE, the corporate behind Okay-pop megastars BTS, have been accused of insider shopping for and promoting by South Korea’s financial watchdog over share product sales sooner than the group’s bombshell “hiatus” announcement.

In a YouTube video posted on June 14 remaining 12 months, BTS’ band members instructed followers they’d been taking a break from the supergroup to provide consideration to their solo careers, citing exhaustion and the pressures of their stratospheric success.

The agency’s share worth fell virtually 25 per cent when the market opened the day after the announcement, wiping virtually 2 trillion gained ($1.5 billion) off its value.

Three HYBE workers, whose identities have been withheld, had prior info of the announcement and acquired their shares sooner than it was made public, pocketing an entire lot of hundreds and hundreds of gained illegally, the Financial Supervisory Service said in an announcement Wednesday.

“We referred the three officials, one of whom is a team leader, to the prosecution with the opinion that they should be indicted,” the watchdog said.

The watchdog moreover criticised HYBE for making the market-moving announcement in a YouTube video considerably than an official assertion or regulatory submitting, which they said had “aggravated investors’ confusion”.

Entertainment firms should have a system the place important knowledge for consumers is made public “transparently and through a right channel”, it said.

While BTS cited exhaustion as a function for its dedication to droop group train, many analysts said the hiatus was strategic, with South Korea’s essential 18-month navy service looming for specific particular person band members.

All South Korean able-bodied males beneath the age of 30 ought to perform spherical two years of navy service, primarily on account of the nation stays technically at battle with nuclear-armed North Korea.

Two of the celeb septet’s members, Jin and J-Hope, enlisted throughout the army in December 2022 and April this 12 months respectively, with the remaining 5 anticipated to look at throughout the years — or months — ahead.

HYBE did not reply to an AFP request for comment.

SEOUL: Three workers at HYBE, the corporate behind Okay-pop megastars BTS, have been accused of insider shopping for and promoting by South Korea’s financial watchdog over share product sales sooner than the group’s bombshell “hiatus” announcement.

In a YouTube video posted on June 14 remaining 12 months, BTS’ band members instructed followers they’d been taking a break from the supergroup to provide consideration to their solo careers, citing exhaustion and the pressures of their stratospheric success.

The agency’s share worth fell virtually 25 per cent when the market opened the day after the announcement, wiping virtually 2 trillion gained ($1.5 billion) off its value.googletag.cmd.push(function() googletag.present(‘div-gpt-ad-8052921-2′); );

Three HYBE workers, whose identities have been withheld, had prior info of the announcement and acquired their shares sooner than it was made public, pocketing an entire lot of hundreds and hundreds of gained illegally, the Financial Supervisory Service said in an announcement Wednesday.

“We referred the three officials, one of whom is a team leader, to the prosecution with the opinion that they should be indicted,” the watchdog said.

The watchdog moreover criticised HYBE for making the market-moving announcement in a YouTube video considerably than an official assertion or regulatory submitting, which they said had “aggravated investors’ confusion”.

Entertainment firms should have a system the place important knowledge for consumers is made public “transparently and through a right channel”, it said.

While BTS cited exhaustion as a function for its dedication to droop group train, many analysts said the hiatus was strategic, with South Korea’s essential 18-month navy service looming for specific particular person band members.

All South Korean able-bodied males beneath the age of 30 ought to perform spherical two years of navy service, primarily on account of the nation stays technically at battle with nuclear-armed North Korea.

Two of the celeb septet’s members, Jin and J-Hope, enlisted throughout the army in December 2022 and April this 12 months respectively, with the remaining 5 anticipated to look at throughout the years — or months — ahead.

HYBE did not reply to an AFP request for comment.