BANG SI HYUK
BANG SI HYUK, chairman of HYBE, has been issued a travel ban amid suspicions of illicit gains totaling 190 billion won (approximately 110 million dollars).
According to the financial crimes unit of the Seoul Metropolitan Police Agency, the measure was taken on August 11, immediately after his return from a business trip to the United States.
Back on July 22, during a press briefing, police had declined to confirm the existence of such a request, stating only: “We are conducting all necessary investigations.”
The suspicions stem from transactions carried out in 2019, before HYBE went public. BANG SI HYUK is accused of concealing IPO plans from existing investors, pressuring them to sell their shares to a special purpose company (SPC) set up by a private fund led by HYBE executives. Thanks to a previously signed shareholders’ agreement, he allegedly earned about 190 billion won in illicit profits.
In a statement, HYBE responded: “We will do our best to actively clarify the suspicions during the investigation and to restore trust.”
Police have already summoned BANG SI HYUK twice in July for questioning, held one week apart. The chairman firmly denies the allegations, claiming he complied with laws and regulations during the company’s IPO process.
Journalist: Shawn
Translator: Shawn
Source: SNS Hybe
