Three employees of subsidiaries of HYBE, the agency behind K-pop superstars BTS, have been charged with insider trading by South Korean prosecutors.
They are being accused of selling shares in the agency before BTS members announced they were taking a break on 14 June, 2022.
The announcement sent HYBE shares plunging 25% when markets opened, resulting in a loss in market value of nearly 2 trillion won ($1.4bn; £1.1bn).
The prosecutors said the three employees acted with prior knowledge of what was about to happen, avoiding losses ranging from $24,000 to more than $108,000.
At the time, many analysts speculated about the reasons for the hiatus, with some saying the band members would have to attend South Korea’s mandatory 18-month military service.
South Korea is still technically at war with North Korea, so nearly all able-bodied men are obliged to enlist for 18 months by the time they turn 28.
All members of the band would end up being…
