HYBE has found itself in hot water after it was revealed that the entertainment giant owes approximately ₩125 million KRW (around $90,500 USD) in waste disposal fees to the South Korean government. The situation arose after the company under-reported its sales numbers for 2023 in an attempt to reduce its disposal fees, a move that has now been flagged by the authorities.
How It Happened
HYBE, which produced around 1,397 tonnes of plastic in 2023, primarily through album production and merchandise, is required to pay a waste disposal charge under South Korean law. Companies are expected to report their annual sales and emissions for the calculation of their environmental fees. In HYBE’s case, these fees were tied to the 1,249 tonnes of plastic used for album production (89%) and 148 tonnes for merchandise (11%).
The issue emerged when HYBE under-reported its sales. According to official financial records, HYBE reported ₩2.18 billion KRW (around $1.58 million USD) in sales instead of the correct figure of ₩2.18 trillion KRW (around $1.58 billion USD). This significant discrepancy led to a reduction in their calculated waste disposal fees, dropping from ₩276 million KRW (about $200,000 USD) to ₩150 million KRW (around $108,000 USD).
Government’s Response
The government, however, eventually caught the error in October 2024, following an initial bill sent to HYBE in April. An additional bill has now been issued for the unpaid amount of ₩125 million KRW ($90,600 USD). As of now, HYBE has not made any official statements regarding this matter.
The revelation of these actions has sparked conversations about corporate responsibility and transparency within South Korea’s entertainment industry. Many fans and industry insiders are closely monitoring HYBE’s next steps.
To let you know the latest developments about HYBE’s situation, Keep an eye on VvipTimes, and allow notifications from us to get instant updates on your device.
Saikat Nandy is an entertainment news writer who covers the latest trends and stories from the world of showbiz, has a keen eye for spotting the most interesting and relevant topics, and delivers them to his audience with flair and humor. He is also a freelance blogger, content writer, and website designer who loves to explore new technologies and creative ideas.
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