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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