After this article was published, Korean media outlets have reported that the application for an arrest warrant has once again been rejected.
The police have reapplied for an arrest warrant for HYBE Chairman Bang Si Hyuk on suspicion of deceiving investors and gaining unfair profits ahead of the company’s initial public offering (IPO).
According to the police on the 7th, the Financial Crimes Investigation Unit of the Seoul Metropolitan Police Agency reapplied for an arrest warrant for Chairman Bang on the 30th of last month on charges of fraudulent unfair trading under the Capital Markets Act.
This came six days after the prosecution rejected the previous warrant and requested supplementary investigation.
Prosecutors Reject Arrest Warrant Request For HYBE’s Bang Si Hyuk
Earlier, on the 21st of last month, the police had applied for an arrest warrant for Chairman Bang. However, two days later, the Joint Financial and Securities Crime Investigation Division of the Seoul Southern District Prosecutors’ Office rejected the warrant, stating, “At this stage, the reasons requiring detention have not been sufficiently demonstrated,” and requested additional investigation.
