BANG SI HYUK
BANG SI HYUK, chairman of HYBE, was summoned as a witness in the trial of Kim Beomsu, chairman of Kakao’s Management Reform Committee, regarding allegations of stock price manipulation of SM Entertainment. However, he informed the court of his intention not to appear.
On June 8, the 15th Criminal Division of the Seoul Southern District Court officially designated BANG SI HYUK as a witness and issued a subpoena.
As a result, BANG SI HYUK was expected to attend a witness interrogation on June 20. However, he submitted a letter to the court on June 11 explaining his absence.
The prosecution wants to investigate what was discussed during a meeting held on February 14, 2023, between BANG SI HYUK and Kim Beomsu regarding the takeover of SM Entertainment.
According to the allegations, after negotiations between HYBE and Kakao to acquire management rights of SM failed, BANG SI HYUK reportedly met with Kim Beomsu to ask for assistance so that HYBE could acquire SM. Kakao is said to have continued evading responses.
The prosecution believes that BANG SI HYUK explicitly requested Kim Beomsu not to participate in the takeover of SM, but Kim Beomsu rejected the proposal. It is also reported that BANG SI HYUK filed a complaint with the Financial Supervisory Service accusing Kakao of purchasing a large amount of SM shares to block HYBE’s public takeover bid.
The prosecution stated, “The meeting between BANG SI HYUK and Kim Beomsu on February 14 is a key point in this case, which is why we are requesting their testimony as witnesses.”
Meanwhile, Kim Beomsu has been indicted on charges of stock price manipulation related to the SM acquisition process in February 2023. He is accused of conspiring with private equity firm One Asia Partners to artificially set the SM stock price above HYBE’s public takeover offer price (120,000 won) to obstruct the bid.
Journalist: Shawn
Translator: Shawn
Source: Korean media
