Top HYBE Executive Resigns Supposedly After Authorities Initiate Probe Into Illegal Financial Activities

Korea’s leading entertainment conglomerate, HYBE, is seemingly getting into deeper trouble with the law and order authorities over alleged financial crimes.

Recently, it was revealed that the Korean prosecution had carried out a search and seizure warrant at the HYBE headquarters in Seoul in connection with a probe against one of its employees. The employee, referred to as “A” in reports, stands accused of using illegal means to gain illicit profits from buying shares in YG Plus.

HYBE Faces Multiple Search And Seizure Warrants Over Alleged Financial Frauds

In an official statement addressing this case, HYBE mentioned that “A” was a former employee. However, as netizens dug deeper, they realized that a high-level executive had stepped down from his role when the investigation unfolded.

Recently left his position as a senior executive at a HYBE subsidiary.

— The news caption above

This executive was Lee Kyung Joon, the former Chief Financial Officer (CFO) of HYBE. Until recently, he also served as an internal director at ADOR, the HYBE subsidiary that is home to NJZ (NewJeans).

Lee’s sudden resignation after the investigation started has struck many as suspicious. In addition, HYBE’s attempt to downplay Lee’s role in its statement is also being seen by netizens as an attempt at damage control.

• “The lineup is really legendary, but in a bad way.”
  — “I hope all of them end up penniless together.”
• “Not just Bang Si Hyuk, I think all of his close associates and employees working under them must be investigated.”
• “I hope all of them get wiped out.”

• “Wow, so it was an executive.”
• “Goodbye.”
• “Whoa…”
• “Leaving as soon as the investigation started is so HYBE-like.”

With multiple probes into HYBE’s top leadership, fans and online communities have become abuzz, demanding transparency and accountability.