K-POP News

HYBE Loses $3.8 Million In Embezzlement, Fires And Sues Core “Worker A”

Reportedly, the worker was additionally BTS’s dance teacher.

In line with an unique report from IT Chosun, HYBE has misplaced over ₩5.00 billion KRW (about $3.86 million USD) to “Worker A“—well-known to be one of many core members of the corporate’s founding and BTS‘s dance teacher.

HYBE Company | Yonhap

Worker A is now below investigation for having embezzled tens of hundreds of {dollars} from the corporate finances, but additionally for having scammed fellow composers, choreographers, and enterprise companions tons of of hundreds of {dollars}. Of their scheme, Worker A is reported to have stolen HYBE’s id, in addition to utilizing HYBE’s identify to solicit investments for creating new official merchandise or discovering new songs.

As of November 17, Worker A is assumed to have embezzled and scammed over ₩5.00 billion KRW (about $3.86 million USD) from HYBE and HYBE-related personnel.

Image for illustrative functions solely. | MBC

HYBE has since terminated the employment and sued Worker A for fraud and embezzlement. In line with IT Chosun’s report, HYBE was made conscious of the state of affairs again in September and sought skilled assist to pursue authorized motion towards Worker A.

Insiders have commented that HYBE may need lacked inner monitoring and auditing processes—contemplating how lengthy Worker A had been capable of get away with the monetary crime.

HYBE’s present leaders, together with CEO Park Ji Received (far left) for HYBE Company in Korea. | HYBE

HYBE has responded, “We are going to present zero tolerance towards the person who has violated the corporate guidelines and rules. We are going to take all doable authorized motion towards the person, in addition to make no matter amendments obligatory to stop the identical from taking place once more. All HYBE personnel will undergo a piece ethic and anti-corruption coaching, and all HYBE governance buildings will endure strengthening to improve inner monitoring and auditing processes.”

HYBE strictly prohibits its workers from gaining private profit utilizing non-disclosable inner data. Please watch out for doable scammers utilizing HYBE’s identify, HYBE employment, and/or relationships with HYBE artists.

— HYBE

In the meantime, based mostly on the data offered within the IT Chosun report, K-Pop followers try to establish the previous Worker A. Whereas some names have been mentioned, nothing has been verified as of the report.

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