Police reapply for arrest warrant for HYBE chairman Bang Si Hyuk, prosecutors reject request again

Police have once again applied for an arrest warrant for HYBE Chairman Bang Si Hyuk over alleged violations of the Capital Markets Act, but prosecutors have rejected the request for a second time.

The Financial and Securities Crime Joint Investigation Division of the Seoul Southern District Prosecutors’ Office announced on May 7 that it had rejected the arrest warrant request submitted by police on May 6.

This marks the second time prosecutors have refused to accept the warrant application against Bang. Prosecutors stated that, after reviewing the resubmitted request, they concluded that the supplementary investigation previously requested had not been properly carried out.

Earlier, on April 21, the Financial Crime Investigation Unit of the Seoul Metropolitan Police Agency’s Regional Investigation Division submitted an arrest warrant request for Bang to the Seoul Southern District Prosecutors’ Office. However, prosecutors returned the request three days later without filing it with the court.

At the time, prosecutors said there was insufficient explanation at the current stage regarding the necessity of detention and requested additional investigation from police. Speaking to reporters on April 27, a police official said, “Since we received the request for supplementary investigation, we are conducting a thorough investigation into the requested matters and making corrections accordingly.” Police later reapplied for the arrest warrant on April 30, but prosecutors again rejected the request.

Bang Si Hyuk is accused of engaging in fraudulent and unfair trading under the Capital Markets Act. Prosecutors allege that in 2019 he misled investors into believing HYBE had no plans to go public, encouraging them to sell their shares to a private equity fund (PEF) allegedly involving HYBE executives. Bang is suspected of later profiting by approximately 190 billion won through HYBE’s eventual public listing.

Police launched the investigation in December 2024 based on internally obtained intelligence. Investigators raided the Korea Exchange on June 30 last year and secured materials related to HYBE’s listing review process. In July, police also conducted searches and seizures at HYBE’s headquarters in Yongsan-gu, Seoul.

Police reportedly summoned Bang for questioning five times between September and November last year.

SEE ALSO: Bang Si Hyuk case complicated by US Embassy request

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