The prosecution has rejected the search warrants related to the accusations of violating the capital markets law against BANG SI HYUK, the chairman of HYBE.
On June 15, several media outlets reported that the Seoul Southern District Prosecutor’s Office recently rejected the search warrant request for HYBE, which had been submitted by the financial crime investigation unit of the Seoul Metropolitan Police.
On April 30, the police had requested a search warrant from the Seoul Southern District Prosecutor’s Office, but it was rejected. On May 28, the police requested a search warrant again, but the prosecution rejected it once more.
On June 16, a spokesperson from the Seoul Metropolitan Police stated at a regular press conference, “We requested a search warrant from the prosecution twice and received notifications of rejection both times.”
He added, “Given the seriousness of the matter, we plan to continue the investigation rigorously,” signaling that the investigation will proceed.
Earlier, in 2019, BANG SI HYUK, the chairman of HYBE, had told existing HYBE investors that there were no plans for an initial public offering (IPO), but in reality, he went ahead with the IPO and made billions of won in profits, which led to a police investigation.
As a result, BANG SI HYUK is under investigation by the police for fraudulent transactions under the capital markets law. The police launched the investigation at the end of last year.
Although the police had requested search warrants from the prosecution, which were rejected twice, they have announced that they will continue the investigation, drawing attention.
Journalist: Shawn
Translator: Shawn
Source: Korean Medias
