Prosecution rejects arrest warrant for HYBE chairman Bang Si Hyuk, citing insufficient grounds
by Demian09 · allkpopThe prosecution has rejected a police request for an arrest warrant against Bang Si Hyuk, chairman of HYBE.
On April 23, the Financial and Securities Crime Joint Investigation Unit of the Seoul Southern District Prosecutors’ Office announced that it had declined the warrant request. Prosecutors stated that “at this stage, the justification for detention has not been sufficiently substantiated,” adding that they have requested supplementary investigation.
Earlier, on April 21, the Financial Crime Investigation Division of the Seoul Metropolitan Police Agency had applied for an arrest warrant for Bang Si Hyuk on charges of fraudulent and unfair trading.
Bang Si Hyuk is accused of misleading investors in 2019 by stating that there were no plans for an initial public offering (IPO), while allegedly inducing them to sell their shares to a specific private equity fund. Investors reportedly sold their holdings based on his statements, but suspicions have been raised that HYBE was in fact undergoing pre-IPO procedures during the same period.
Additionally, Bang Si Hyuk is suspected of securing approximately 190 billion KRW (around 140 million USD) in illicit gains through a prior shareholder agreement with the private equity fund involved in the transaction. The case remains under further investigation as prosecutors review additional evidence.
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