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Fair Trade Commission (FTC) launches an investigation into HYBE

AKP STAFF
Posted by Sophie-Ha Monday, June 24, 2024

It has been confirmed that Korea's Fair Trade Commission (FTC) has launched an on-site investigation into HYBE, designated as a conglomerate for the first time among entertainment companies.

According to an exclusive report by Chosun Biz, on June 24, the FTC dispatched investigators to HYBE's headquarters for an on-site investigation. HYBE is being investigated for submitting false or omitted information in the 'conglomerate designation materials' submitted to the FTC.

In May, the FTC designated HYBE as a conglomerate. As a result, HYBE, a publicly listed company, and its subsidiaries controlled by HYBE must disclose the status of their shareholders and major management matters in the capital market.

With the designation as a conglomerate, rules on preventing private interests also apply to HYBE's founder, Chairman Bang Si Hyuk. Chairman Bang, who holds a 31.8% stake in HYBE, was designated as the "same person (total owner)" along with HYBE's conglomerate designation.

An FTC official stated, "We cannot confirm whether an on-site investigation is taking place," but added, "If there are any violations of the law, we will respond strictly."

SEE ALSO: A guide to everything you need to Survive a K-Pop Concert

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whatever101
whatever10111,925 pts Monday, June 24, 2024 1
Monday, June 24, 2024

Its about damn time the government buckle up, stop boot-licking, and go after HYBE the same way they would for any other label. So much for their troubles being over....

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Shuturtrap
Shuturtrap8,407 pts Monday, June 24, 2024 1
Monday, June 24, 2024

Well there’s nobody to blame for this mess but Hybe themselves. Hybe just keeps losing not even Jin can save this mess atp

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