BTS's dance instructor involved in Billion-Won extortion scandal!
2023-11-20
On the 17th, according to Korean media reports, Mr. A, who was rumored in September of this year to have embezzled HYBE funds and was suspected of fraud, has been fired by HYBE. Mr. A is one of the dance instructors for the boy band BTS and is also considered one of the founding contributors of HYBE.
Mr. A not only embezzled tens of millions of dollars in public funds, but also acquired several billions of won from composers, choreographers, and entrepreneurs without any intent to repay. In the process, Mr. A not only misappropriated the name of HYBE, but also scammed money under the guise of investing in merchandise or utilizing musical works. As of November 17th, the crudely estimated amount extorted by Mr. A is at least over 5 billion won.
Upon discovering that individual A had engaged in such behavior, HYBE immediately sought advice from an external law firm and conducted an investigation to assess the impact on the company. According to the findings of HYBE's investigation, the company suspended A from their duties and proceeded with disciplinary actions through a personnel committee. Ultimately, HYBE decided to terminate A's employment and filed a criminal lawsuit against them.
Due to the direct loss of HYBE being estimated at tens of millions, there is no need for a mandatory disclosure. Mandatory disclosures are only required when the amount exceeds 5% of the company's own capital (2.5% for large-scale companies).
In this incident, there has also been criticism toward HYBE's internal inspection system for not being thorough enough. Although Mr. A has been misusing the company's name to commit fraud and embezzle company funds for quite some time, HYBE was completely unaware of it. Consequently, some believe that while HYBE is rapidly growing, it has neglected to establish a system to prevent employee misconduct resulting from moral decay.
HYBE stated that they are currently helping the victims and assisting them in filing complaints with the investigative authorities so that they can recover their losses. This is because if the victims file their complaints individually, it would result in a waste of time due to the jurisdictional differences of the authorities involved.
HYBE also stated, "This incident originated from the illegal actions of an individual employee. In accordance with our zero-tolerance policy, the company will take full responsibility until the end, and we will educate other employees to prevent such incidents from happening again."
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