The police have provided an update on their investigation of Bang Si Hyuk, the Chairman of HYBE.
On the 23rd, Park Jung Bo, chief of the Seoul Metropolitan Police Agency, mentioned at a regular press conference, “The National Police Agency’s Criminal Investigation Headquarters are continuing their legal review,” and added, “There are currently no scheduled additional summonses,” referring to the progress of the investigation into Chairman Bang.
He explained, “Based on the investigation details and results so far, we are coordinating opinions while conducting legal reviews together with the Criminal Investigation Headquarters.”
Regarding whether further investigation will be conducted, he said, “If the headquarters orders supplementary investigation, we will proceed accordingly,” drawing a line on any immediate plans for additional summons.
Bang Si Hyuk is accused of deceiving HYBE investors in 2019, prior to HYBE’s listing, by falsely stating there were no plans for a stock listing, then selling shares to a specific private equity fund before the subsequent public offering. The police allege that Bang gained about ₩190 billion KRW (about $126 million USD) in illegal profits by receiving 30% of the capital gains from the sale.
Last year, the Financial Crime Investigation Unit of the Seoul Metropolitan Police conducted a high-intensity investigation by raiding HYBE’s headquarters and the Korea Exchange and summoning Chairman Bang multiple times.
