Hybe chairman to be referred to prosecution over alleged deception of shareholders: police

Bang Si-hyuk, chairman of the popular music company Hybe, is set to be referred to the prosecution in the coming days on accusations of deceiving investors out of their Hybe shares in 2019, according to police. Hong Seok-ki, head of the National Office of Investigation, announced that the case will be forwarded to the prosecution within the week.

The prosecutor's office claims that Bang allegedly violated the Capital Markets Act, procuring nearly 200 billion won (US$145 million) in illegal gains by misleading investors just before Hybe's IPO. The police launched their probe into the allegations back in December 2024, with a full-scale investigation commencing in July of the previous year.

This included a search of Hybe's headquarters. The investigation was extended after the prosecution asked for more detailed inquiries, while two arrest warrant requests submitted by the police were dismissed. Law enforcement sources indicated that Bang's case is expected to be referred to the prosecution, without any intention of arresting him.