Azul Airlines Wins Court Approval for $2 Billion Debt Restructuring and New Capital Raise 
SpaceX Insider Share Sale Values Company Near $800 Billion Amid IPO Speculation 
China Adds Domestic AI Chips to Government Procurement List as U.S. Considers Easing Nvidia Export Curbs 
Air Force One Delivery Delayed to 2028 as Boeing Faces Rising Costs 
Nvidia Weighs Expanding H200 AI Chip Production as China Demand Surges 
Coca-Cola’s Proposed Sale of Costa Coffee Faces Uncertainty Amid Price Dispute 
Woolworths Faces Fresh Class Action Over Alleged Underpayments, Shares Slide 
Coca-Cola’s Costa Coffee Sale Faces Uncertainty as Talks With TDR Capital Hit Snag 
Mizuho Raises Broadcom Price Target to $450 on Surging AI Chip Demand 
Rio Tinto Signs Interim Agreement With Yinhawangka Aboriginal Group Over Pilbara Mining Operations 
SoftBank Shares Slide as Oracle’s AI Spending Plans Fuel Market Jitters 
Korea Zinc Plans $6.78 Billion U.S. Smelter Investment With Government Partnership 
Moore Threads Stock Slides After Risk Warning Despite 600% Surge Since IPO 
SK Hynix Considers U.S. ADR Listing to Boost Shareholder Value Amid Rising AI Chip Demand 
Trello Outage Disrupts Users as Access Issues Hit Atlassian’s Work Management Platform 
Intel’s Testing of China-Linked Chipmaking Tools Raises U.S. National Security Concerns 
HYBE Co., Ltd. reportedly fired the former dance coach of the world-famous BTS boy group for embezzlement and fraud. It was alleged that the individual also served as performance director of Big Hit Music illegally took or misappropriated funds worth $3.9 million or KRW5 billion.
According to Korea Joongang Daily, the former dance coach worked for BTS for a long time and has also been the group’s choreographer. He joined the company when it was still known as Big Hit Entertainment. Because he was closely associated with the superstar 7-member boy group composed of Jungkook, Jimin, RM, V, Suga, Jin, and J-Hope, fans of the band also know him well.
HYBE Confirmed the Dance Instructor’s Termination
The coach who was not named in the reports was terminated and HYBE cited disciplinary reasons as the cause. It was in September when he was first accused of fraud and embezzlement. The entertainment company also confirmed it has brought the case to the court due to damages to the firm.
“The company immediately conducted an objective investigation, with the advice of an external law firm, after the employee’s misconduct was made aware and dismissed him after exclusion of duties and other personnel committee procedures,” HYBE explained. “After filing charges, we are now proceeding with legal measures to address damages made to the company.”
The company made it clear that it would not be lenient despite the individual’s long service. HYBE is determined to hold the coach accountable based on its “zero-tolerance policy.”
Other Cases the Coach is Facing
Seoul Economic Daily reported that the coach is facing more legal charges because he did not just embezzle millions from HYBE but he was discovered to have swindled billions of won from different individuals including choreographers, composers, and entrepreneurs. He never returned the money he extorted from them.
In carrying out his modus, he allegedly forged documents and illegally used HYBE’s name for his activities. Based on the investigations, he was able to collect money under the guise of investment in goods or using a song that he never returned as well. The estimated total amount of money he collected is believed to be over KRW5 billion.
Photo: Hybe Website
