HYBE chairman to be referred to prosecution over alleged deception of shareholders: police
Bang Si-hyuk, chairman of K-pop powerhouse HYBE, will be referred to the prosecution this week for possible indictment on suspicion of deceiving investors into selling their stakes in his company, police said Monday. "We plan to forward the case to the prosecution within the week," Hong Seok-ki, head of the National Office of Investigation, told a press briefing. Bang is accused of violating the…
Police have informed that Bang Si-hyuk, the chairman of HYBE, will be referred to the prosecution this week for potential indictment on charges of deceiving investors, authorities stated on Monday. Hong Seok-ki, head of the National Office of Investigation, disclosed this during a press briefing. The allegations against Bang pertain to violations of the Capital Markets Act, where he is accused of misleading investors into selling their stakes in HYBE in 2019, just prior to the company's public listing, thereby gaining nearly 200 billion won ($145 million) in unlawful profits.
The police initiated an investigation into these accusations in December 2024, with a more extensive probe commencing in July of the previous year. This investigation was extended following the prosecution's request for additional investigations, while two arrest warrant requests filed by the police were denied. Police sources indicated that Bang's case is anticipated to be referred to the prosecution without any intention of detaining him.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
