One of the co-founders and dance instructor of BTS was accused of defrauding HYBE and many related people of their money.

Headquarters of HYBE Entertainment, BTS management company – Photo: Soompi

According to information from  IT Chosun , HYBE – BTS ‘s management company  – and many related people lost 5 billion won to A – one of the core members who co-founded the company and was a coach. BTS’s dance instructor.

A is currently under investigation for embezzling tens of millions of won from the company’s budget, and defrauding billions of won from composers, choreographers, and partners. Not only does A take the name HYBE , A also uses HYBE’s name to receive investment money to develop new music products.

HYBE seeks to speed up the investigation of the case

HYBE then fired and sued A for fraud and embezzlement. HYBE’s representative said: “We are guiding the victims to the investigation agency responsible for filing a denunciation so that they can file a lawsuit against Mr. A and request compensation for damages.

This is so that HYBE can speed up the investigation of the case . When sending a denunciation to another investigation agency, it takes time to transfer the case to the police agency under its jurisdiction to resolve the matter.”

BTS’s dance instructor was accused of fraud – Photo: Soompi

Some people in the entertainment industry point out that HYBE’s internal audit and monitoring processes are weak. A’s crime was committed a long time ago but HYBE did not detect it.

This means that although HYBE has grown rapidly in size and influence over the years, it has been relatively negligent in establishing a system to prevent deviations and risks of the problem. ethics among executives and employees.

HYBE’s representative further informed: “We will not tolerate individuals who violate company regulations.

We will take every possible legal action, as well as make any necessary corrections, to prevent the same thing from happening again.

All HYBE employees will undergo work ethics and anti-embezzlement training, and HYBE will strengthen all governance structures to upgrade internal audit and monitoring processes.

HYBE strictly prohibits its employees from achieving personal benefits by using undisclosed inside information.

Please beware of scammers who may use HYBE’s name, HYBE’s employment, or relationships with HYBE artists . We will continuously transmit information to the outside world to prevent damage caused by fraud.”