BTS’s dance instructor stole billions of won from HYBE? 

A key determine of HYBE and dance teacher for BTS has been fired after embezzlement and stealing billions of received

Based on IT Chosun’s investigation on the seventeenth, HYBE disciplined and dismissed Mr. A in September of this yr on fees of fraud and embezzlement.

A is accused of embezzling tens of thousands and thousands of received from HYBE’s funds, in addition to extorting and never returning tens of billions of received from composers, choreographers, and businesspeople associated to HYBE. On this course of, he’s recognized to have stolen the id of HYBE and obtained cash beneath the pretext of investing in items (MD) or utilizing songs. 

The quantity embezzled by A from victims is estimated to be over 5 billion received (near 4 million USD) as of November 17.

As quickly as HYBE turned conscious of A’s misconduct, it carried out an investigation into the injury triggered to the corporate with the assistance of an exterior regulation agency. Based mostly on the investigation outcomes, HYBE excluded Mr. A from his duties, dismissed him by way of the personnel committee, and concurrently filed a legal grievance in opposition to him.

In the meantime, some criticize HYBE’s inside audit system, arguing that it’s flawed. Althoug A embezzled tens of billions of received utilizing HYBE’s identify for an prolonged interval, HYBE didn’t detect it. Whereas HYBE has skilled speedy development over time, it has been comparatively negligent in establishing a system to stop moral misconduct by workers.

Concerning this, HYBE has said its place that it’ll totally handle its inside affairs to stop recurrence.

As well as, HYBE has knowledgeable the victims that it has disciplined and dismissed A and submitted a legal grievance. The corporate can be guiding the victims to submit a legal grievance to the investigating company answerable for coping with A, in order that they will recuperate damages by way of particular person lawsuits.

“To stop the recurrence of such incidents, we are going to strengthen skilled ethics training, anti-corruption, and governance techniques similar to honest commerce, and improve inside management techniques”, HYBE mentioned in a latest assertion, and in addition emphasised that it strictly prohibits workers from utilizing inside info, positions, or duties to realize private advantages and is dedicated to stopping fraudulent actions by commonly notifying the general public of fraud prevention measures.

Supply: IT Chosun, Koreaboo