BANG SI HYUK
HYBE president BANG SI HYUK was questioned for the third time by police in connection with an investigation into suspected violations of financial market laws.
On Wednesday, police once again questioned BANG SI HYUK, president of HYBE, on suspicions of violating the Financial Investment Services and Capital Markets Act.
According to the financial crime unit of the Seoul Metropolitan Police Agency, BANG SI HYUK was summoned Wednesday morning as a suspect. This marked his third questioning, following two public summonses in September.
BANG SI HYUK is suspected of misleading investors in 2019 by falsely stating that there were no plans for an IPO for HYBE, then known as Big Hit Entertainment, before selling a stake in the company to a private equity fund. Later, when the label began preparing for its IPO, the fund sold its shares, and BANG SI HYUK is alleged to have gained around 190 billion won (approximately 131 million USD) in profit through a pre-arranged deal.
Investigators are closely reviewing BANG SI HYUK’s statements, the flow of funds surrounding the IPO, and the structure of the deal in question.
Journalist: Shawn
Translator: Shawn
Source: Korean Medias
