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."
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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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