Credit: KPPA
Bang Si Hyuk , the chairman of HYBE, the entertainment powerhouse behind global superstars BTS, is facing a police investigation over allegations of unfair stock trading.
This morning at 9:55 AM, Bang arrived at the Seoul Metropolitan Police Agency’s Financial Crimes Unit for questioning.
Chairman Bang is accused of misleading investors in 2019 by denying plans for a public offering, while allegedly arranging for HYBE shares to be sold to a private equity fund with ties to an associate.
HYBE eventually went public, contrary to the chairman’s alleged statements. As a result, financial authorities believe Bang illicitly acquired profits totaling 190 billion won ($140 million), partly by receiving 30% of the proceeds from the private equity fund’s sale of the HYBE stock.
This is the first time Chairman Bang has been formally questioned by investigators regarding these allegations.
Bang Si Hyuk and 3 HYBE Executives to Be Criminally Charged
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