The police have launched a compulsory investigation into allegations that Bang Si-hyuk, chairman of HYBE, deceived investors and made illicit profits amounting to hundreds of billions of won.
The Financial Crime Investigation Unit of the Seoul Metropolitan Police Agency announced on the 24th that it is conducting a search and seizure at HYBE's headquarters in Yongsan-gu, Seoul, among other locations.
It is known that the police applied for a search and seizure warrant on the 17th. Previously, on April 30 and May 28, they had twice applied for search and seizure warrants to the prosecution, but both requests were rejected.
According to the police, Chairman Bang is suspected of telling investors in 2019 that there were no plans for an initial public offering (IPO), but in reality, he was pushing for a listing and sold his shares, making a profit of hundreds of billions of won.
Meanwhile, the Securities and Futures Commission of the Financial Services Commission reported the case to the prosecution, and the police requested the transfer of the case to the prosecution, citing concerns about overlapping investigations.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
