HYBE Chairman Bang Si Hyuk returned home late last night after a marathon 13-hour interrogation by police.
He walked out of the Seoul Metropolitan Police Agency’s Financial Crime Investigation Unit around 11:15 PM on November 5th. He did not respond to reporters’ questions about the allegations of illicit profits.
This was Bang’s third time appearing for police questioning, following previous sessions on September 15th and 22nd. Police are now expected to analyze the investigation details and review whether there is a need to apply for an arrest warrant.
Chairman Bang is under investigation for alleged fraudulent trading under the Capital Markets Act. Authorities claim that before HYBE’s 2020 IPO, he misled early investors by saying there were no listing plans, convincing them to sell their shares to a company tied to him. He also allegedly made undisclosed profit-sharing agreements with several private equity funds.
Financial regulators say HYBE was already preparing for its IPO at the time, and that these undisclosed agreements led to illicit profits of around 190 billion won ($140 million).
Police raided HYBE’s headquarters in July over the allegations. The National Tax Service has also launched a separate tax probe into HYBE.
>> HYBE Chief Bang Si Hyuk May Be Headed for Arrest as Police Say ‘Legal Review Underway’
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