HYBE chairman Bang Si Hyuk has appeared before police for a second round of questioning on charges of violating the Capital Markets Act.
On the morning of September 22, the Financial Crime Investigation Unit of the Seoul Metropolitan Police Agency summoned Bang at 10 AM as a suspect in connection with the allegations. This marks his second appearance, following a public summons on the 15th.
According to investigators, Bang is accused of telling existing investors, including venture capital firms, that there were "no IPO plans" in 2019, just before HYBE’s listing. He then allegedly had them transfer their shares to a special-purpose company (SPC) established by a private equity fund connected to him. Investors, believing his statements, sold their shares, but evidence suggests that HYBE was in fact already preparing for an IPO at that time.
Police suspect that through this arrangement, Bang secured illicit gains of about 190 billion KRW (approx. 136.5 million USD) by taking 30% of the share-sale profits from the private equity fund.
The case began late last year after police received intelligence, prompting a full-scale investigation. Meanwhile, special judicial police officers from the Financial Supervisory Service are also conducting a separate probe under the direction of prosecutors.
SEE ALSO: HYBE chairman Bang Si Hyuk appears for police questioning over alleged fraudulent trading
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