Prosecutors have launched a raid on Hive.
According to the legal community on the 29th, the Seoul Southern District Prosecutors' Office recently raided Hive's headquarters while investigating Executive A, who is suspected of making unfair profits worth hundreds of millions of won by using undisclosed important information.
Prosecutors suspect that Executive A obtained information in advance that Hive (then Big Hit Entertainment) would invest in YG Plus in January 2021 and purchased YG Plus shares, earning a profit of 240 million won from the price difference.
In relation to the prosecutors' raid, Hive stated to Maeil Business Star Today, "We cooperated with the authorities' request for information regarding a former employee who has already left the company."
Separately from this case, the Financial Crime Investigation Unit of the Seoul Metropolitan Police Agency also applied for a search warrant for Hive the day before.
The police are investigating Chairman Bang Si-hyuk of Hive for fraudulent trading allegations. Chairman Bang is accused of deceiving Hive shareholders at the end of 2019 by claiming there were no plans for an IPO, while pushing for the company's listing.
[Lee Da-kyum, Star Today Reporter]
