HYBE chairman Bang Si Hyuk has been under investigation for potential violations of the Capital Markets Act. On Thursday, 4th December, South Korean news outlet Biz Korea reported that the Seoul Southern District Prosecutor’s Office has officially frozen Bang Si Hyuk’s shares worth 156.8 billion KRW(9.72 billion INR) under the issue of a provisional seizure of forfeiture. Read on to know more about the case.
Authorities Seize Hybe Chairman Bang Si Hyuk’s Assets Amid Investigation
News reports reveal that Bang Si Hyuk has had his assets frozen by a South Korean court after they found substantial grounds of evidence of crime. It is also reported that police are looking into the allegations made by HYBE during a 2024 audit conducted in the company.
For those unversed, provisional seizure of forfeiture means a measure that is taken to prevent a suspect’s disposal of assets that can he used as evidence before the final verdict in the case is announced. In HYBE chairman Bang’s case, this seizure was requested by the authorities looking into the investigation.
In their statement, the court stated that they have substantial reason to believe that Bang Si Hyuk acquired criminal proceeds through the alleged offences, which are subject to forfeiture under the Act on the Regulation of Concealment of Criminal Proceeds.
A HYBE spokesperson also issued a statement responding to the matter by saying that a provisional seizure for forfeiture is a standard procedure and does not determine if the suspect is guilty or innocent.
HYBE founder and chairman Bang is currently under investigation for unfair share trading during HYBE’s public listing. He has been suspected of misleading investors and gaining personal profits through it after selling shares during the company’s listing in 2019.
Also Read: HYBE Chairman Bang Si Hyuk Faces Second Round Of Police Questioning In Insider Trading Probe
Si Hyuk has also been placed on a travel ban by the South Korean court, restricting him from leaving the country. However, HYBE has continued to deny all allegations made against the chairman by saying that all the listings were done through legal means by following the correct procedures.