HYBE chairman Bang Si Hyuk has been embroiled in legal trouble this year. Recently, authorities reported that the investigation into Bang’s case is nearing its conclusion. Authorities have suspected that the company chairman had misled shareholders and profited from unfair share trading. The South Korean police have recently shared an update on the long-running investigation. Read on to know more.
Police Reviewing Findings Of Bang Si Hyuk’s Investigation
On 22nd December, South Korean media outlet Yeonhap News reported that authorities are asserting that the investigation into Bang Si Hyuk is drawing to a conclusion. The overall findings of the investigation are being carefully considered before disposal. They stated that a decision is about to be announced soon. Responding to the question of possible delays linked to a defence team hired by Chairman Bang, the police denied any external involvement.
In November, the Police temporarily seized all of Si Hyuk’s shares as investigators looked into the HYBE chairman’s alleged unfair share trading claims. The Seoul Southern District Court, on 16th October, approved a request from the Seoul Metropolitan Police Agency to provisionally secure Bang Si Hyuk’s share holdings. This order blocks the sale and transfer of assets during the investigation period.
On December 17th, a search and seizure was carried out at HYBE chairman’s home and office by the Financial Supervisory Service’s (FSS) Special Judicial Police for the Capital Markets. The investigation also alleges that Bang Si Hyuk was involved in overseeing the trade of the shares owned by a “special purpose company” (SPC) affiliated with a private equity fund.
Also Read: Financial Authorities Raid HYBE Chairman Bang Si Hyuk’s Home Over Alleged Pre-IPO Share Dealings
About The Investigation
The HYBE chairman has been accused of denying plans for the company’s IPO in 2019 and persuading the shareholders to sell their shares to a firm tied to a private equity fund linked to him. Bang is alleged to have received 30% in profits from this deal. HYBE, on the other hand, have denied all such accusations and stated that they have faithfully participated in the investigation process and provided explanations, and are awaiting the investigative agency’s decision
Also Read: Is Investigation Into Bang Si Hyuk’s Illegal Share Trading Case Concluding? Here’s What We Know