“Corrupt Company” Latest HYBE Investigation Update Following Police Raids Sparks Scathing Comments
HYBE is once again under public scrutiny after police carried out a raid on the company’s headquarters in Yongsan, Seoul. A new update following the infamous raids has stirred up intrigue among Korean netizens.
The Seoul Metropolitan Police Agency’s Financial Crimes Investigation Division led the July 24 raid. It followed a report from the Financial Services Commission, raising suspicions of unfair trading practices and possible stock manipulation. An unannounced raid at the company’s headquarters also happened on July 29.
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While details of the raid haven’t been made public, authorities have suggested the investigation could expand beyond domestic issues. Some officials refused to comment and disclose details from the raids, but one revealed that the investigation is likely to expand and look into other potential irregularities.
This irregular tax audit will likely not focus solely on unfair trading activities in the stock market by major shareholders and senior executives.
There’s a high possibility that the investigation will expand into all directions, including whether profits generated by overseas branches in countries like the United States, Japan, and Southeast Asia were properly reported (such as offshore tax evasion or transfer pricing manipulation), whether taxes related to affiliated artists were handled appropriately, and the nature of internal transactions between related parties and subsidiaries.
— National Tax Service officials
News of the raid quickly spread to online communities, where netizens did not hold back. Comments ranged from sarcastic to outright brutal.
- “Dig up everything.”
- “Go bankrupt, corrupt company.”
- “Please.. I’m wishing for their downfall.”
- “Funny how their fans are still dragging Min Hee Jin and NewJeans while this is happening. From a third party view, it just looks like their final meltdown. Honestly hilarious.”
- “I hope they get hit with a massive back tax bill. The country needs the money anyway.”
With more agencies involved and attention on overseas revenue handling and artist-related taxes, the case may still be far from over.
