November 29, 2023

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BTS company staff accused of insider buying and selling

2 min read

The corporate’s share worth fell almost 25 per cent when the market opened the day after the announcement, wiping almost 2 trillion received ($1.5 billion or Dh5.51 billion) off its worth.

Three HYBE staff, whose identities have been withheld, had prior information of the announcement and offered their shares earlier than it was made public, pocketing a whole lot of thousands and thousands of received illegally, the Monetary Supervisory Service stated in an announcement Wednesday.

“We referred the three officers, certainly one of whom is a crew chief, to the prosecution with the opinion that they need to be indicted,” the watchdog stated. The watchdog additionally criticised HYBE for making the market-moving announcement in a YouTube video reasonably than an official assertion or regulatory submitting, which they stated had “aggravated buyers’ confusion”.

Leisure businesses ought to have a system the place essential info for buyers is made public “transparently and thru a proper channel”, it stated.

Whereas BTS cited exhaustion as a motive for its determination to droop group exercise, many analysts stated the hiatus was strategic, with South Korea’s obligatory 18-month navy service looming for particular person band members. All South Korean able-bodied males below the age of 30 should carry out round two years of navy service, primarily as a result of the nation stays technically at battle with nuclear-armed North Korea.

Two of the superstar septet’s members, Jin and J-Hope, enlisted within the military in December 2022 and April this 12 months respectively, with the remaining 5 anticipated to observe within the years – or months – forward. HYBE didn’t reply to an AFP request for remark.

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