BTS agency staff facing insider trading charges

The employees are accused of selling shares before BTS members announced they were taking a break.

British Broadcasting CorporationWatchHomeNewsSportBusinessInnovationCultureTravelEarthVideoLiveHomeNewsIsrael-Gaza WarWar in UkraineUK General ElectionUS & CanadaUKUK PoliticsEnglandN. IrelandN. Ireland PoliticsScotlandScotland PoliticsWalesWales PoliticsAfricaAsiaChinaIndiaAustraliaEuropeLatin AmericaMiddle EastIn PicturesBBC VerifySportBusinessExecutive LoungeTechnology of BusinessInnovationTechnologyScience & HealthArtificial IntelligenceCultureFilm & TVMusicArt & DesignStyleBooksEntertainment NewsTravelDestinationsAfricaAntarcticaAsiaAustralia and PacificCaribbean & BermudaCentral AmericaEuropeMiddle EastNorth AmericaSouth AmericaWorld’s TableCulture & ExperiencesAdventuresThe SpeciaListEarthNatural WondersWeather & ScienceClimate SolutionsSustainable BusinessGreen LivingVideoLiveLive NewsLive SportHomeNewsSportBusinessInnovationCultureTravelEarthVideoLiveAudioWeatherNewslettersK-pop agents charged with insider trading over BTS9 hours agoBy João da Silva, Business reporterShareReutersProsecutors say through their actions the employees avoided losses ranging from $24,000 to more than$108,000.Three employees of subsidiaries of HYBE, the agency behind K-pop superstars BTS, have been charged with insider trading by South Korean prosecutors.

They are being accused of selling shares in the agency before BTS members announced they were taking a break on 14 June, 2022.

The announcement sent HYBE shares plunging 25% when markets opened, resulting in a loss in market value of nearly 2 trillion won ($1.4bn; £1.1bn).

The prosecutors said the three employees acted with prior knowledge of what was about to happen, avoiding losses ranging from $24,000 to more than $108,000.

At the time, many analysts speculated about the reasons for the hiatus, with some saying the band members would have to attend South Korea's mandatory 18-month military service.

https://www.bbc.com/news/articles/c1vd7y5rnnwo

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