First Trial Date for HYBE Employees Charged with Violation of the Financial Investment Services and Capital Markets Act

On the morning of October 22, the 13th Criminal Division of the Seoul Southern District Court (Presiding Judge Kim Sang-yeon) held the first hearing for three individuals charged with violating the Capital Markets Act: former HYBE and affiliate employees Mr. A and Mr. B, and current affiliate employee Mr. C.

At the hearing, all defense attorneys stated that their clients denied the charges.

The defense attorneys argued, “The defendants were aware of BTS member Jin’s (real name Kim Seok-jin, 32) military enlistment, but they did not know about the suspension of group activities or the timing of the announcement. They also did not know that the military enlistment itself constituted material non-public information.”

According to prosecutors, the defendants learned in late May to early June 2022 that a video announcement would soon be released. They are accused of selling their HYBE shares just before the video was made public, thereby avoiding losses totaling approximately 233 million KRW.