Three HYBE employees, whose identities have been withheld, had prior knowledge of the announcement and sold their shares before it was made public, pocketing hundreds of millions of won illegally, the Financial Supervisory Service said in a statement Wednesday.Three employees at HYBE, the agency behind K-pop megastars BTS, have been accused of insider trading by South Korea's financial watchdog over share sales before the group's bombshell "hiatus" announcement.
The company's share price fell nearly 25 percent when the market opened the day after the announcement, wiping nearly 2 trillion won off its value. "We referred the three officials, one of whom is a team leader, to the prosecution with the opinion that they should be indicted," the watchdog said. Entertainment agencies should have a system where important information for investors is made public "transparently and through a right channel", it said.
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