The Fair Trade Commission (FTC) has launched an investigation into the entertainment company HYBE. HYBE was designated as a large conglomerate group (public disclosure-targeted corporate group) for the first time this year. However, it is suspected of submitting false designation data.
According to industry insiders on June 24, the FTC dispatched investigators to conduct an on-site investigation at HYBE’s headquarters in Yongsan-gu, Seoul, on the same day.
Designation documents refer to the data received annually from the same person by the FTC for the designation of publicly announced corporate groups, including the status of affiliated companies, family, and executives status.
The FTC is reported to have launched an investigation because there may be false or omitted items in the designation documents submitted by HYBE.
Last year, HYBE’s assets exceeded $4.3 billion, making it the first entertainment-oriented group to be designated as a public disclosure-targeted corporate group this year.
An FTC official stated, “We cannot confirm details on an ongoing investigation,” but added, “If there are any violations of the law, we will respond strictly.”
