BANG SI HYUK
The FINANCIAL SUPERVISORY SERVICE Special Judicial Police for Capital Markets has launched a coercive investigation concerning chairman BANG SI HYUK, suspected of deceiving certain investors and gaining illicit profits during HYBE’s public listing process.
It was reported that the special investigators from the FINANCIAL SUPERVISORY SERVICE conducted raids on December 17 and 18 at BANG SI HYUK’s residence, HYBE’s headquarters in Yongsan, Seoul, as well as at the offices and homes of individuals involved in the public offering.
The special investigators are examining emails and meetings exchanged between BANG SI HYUK and executives to determine whether illegal acts occurred during the listing process.
The investigation into BANG SI HYUK is proceeding on two fronts: that of the special investigators from the FINANCIAL SUPERVISORY SERVICE and that of the police.
Before HYBE’s listing in 2019, BANG SI HYUK allegedly misled investors into believing there was no plan for a public offering, then sold shares to certain private funds before the listing. The police are investigating whether BANG SI HYUK received about 30% of the profits from these sales, roughly 190 billion won (111 million euros), as illicit gains.
Recently, the police obtained from the court a preventive confiscation order on HYBE shares held by BANG SI HYUK, valued at approximately 156.8 billion won, prior to any indictment.
When the news broke, a representative of HYBE told XPORTS NEWS: “The preventive confiscation is a normal procedure and does not constitute a judgment of guilt. We have cooperated diligently during the investigation and provided our explanations, and we await the decision of the investigating authorities.”
Journalist: Shawn
Translator: Shawn
Source: Korean Media
