BANG SI HYUK
HYBE Chairman BANG SI HYUK voluntarily returned to Korea on August 11.
A HYBE representative briefly told Star News on August 12, “Chairman BANG SI HYUK returned through Incheon International Airport in the afternoon of August 11.”
BANG SI HYUK is currently under suspicion of fraudulent transactions, accused of deceiving investors during the company’s initial public offering (IPO) process and pocketing illegal profits amounting to several hundred billion won. The schedule for the police investigation against him does not yet appear to be set.
Police plan to speed up the investigation by seizing and analyzing BANG SI HYUK’s cell phone, which was not obtained during the earlier raid on HYBE.
BANG SI HYUK is accused of misleading investors and venture capitalists in 2019, before HYBE’s IPO, by hiding his plans to take the company public, and then arranging for shares of HYBE to be sold to a special purpose company (SPC) established by HYBE executives.
At the time, BANG SI HYUK reportedly signed a contract to share 30% of the profits from the stock sale with the private fund, allowing him to collect about 400 billion won (approximately €250 million / $275 million USD). However, this contract is said to have been omitted from both the Korea Exchange’s IPO review and the securities registration statement submitted to the Financial Supervisory Service.
On July 16, the Financial Services Commission (FSC) filed a complaint against BANG SI HYUK with the Seoul Southern District Prosecutors’ Office. The Capital Markets Special Judicial Police, under the supervision of that office, is also investigating the case, while the National Tax Service launched a tax audit into HYBE last month.
In an email sent to HYBE employees on August 6, BANG SI HYUK stated: “I am temporarily putting aside urgent work and business meetings in order to prioritize cooperating with the authorities’ investigation process. I expect the facts to be clarified, and I will humbly await the authorities’ decision.”
Journaliste : Shawn
Source : Hybe décalaration
