Recently, HYBE Chairman Bang Si-hyuk has become the central topic of discussion after the Financial Crimes Investigation Unit of the Seoul Metropolitan Police Agency filed for an arrest warrant against him on the 21st, on charges of violating the Capital Markets Act and engaging in fraudulent transactions.
Previously, Chairman Bang was accused of misleading existing investors prior to HYBE’s IPO in 2019 by claiming that there were “no plans to go public,” thereby prompting them to sell their shares to a specific private equity fund. However, the company proceeded with its listing shortly afterward. Police believe that, based on a prior undisclosed agreement with the private equity firm, Chairman Bang received 30% of the profits from the share sales, earning approximately 190 billion won in illicit gains.
Since June of last year, authorities have conducted search and seizure operations targeting documents related to HYBE’s IPO review at the кσяєα Exchange, and carried out a raid on HYBE’s headquarters in July of the same year. In addition, between September and November, Chairman Bang was summoned for questioning a total of five times. Through court approval, authorities also froze HYBE shares worth approximately 156.8 billion won and imposed a travel ban on him.
The investigation saw little progress until recently, when the U.S. Embαѕѕy in кσяєα requested the lifting of the travel ban on the HYBE chairman “to support BTS’s concerts and attend the 250th anniversary celebration of U.S. independence.” This request reportedly triggered significant alarm and ultimately prompted ρσℓι¢є to take action on the 21st. Some politicians interpreted the embαѕѕy’s request as an unusual procedure aimed at “covering up darker intentions.” There has been speculation that Bang may have influenced the U.S. side to exert indirect pressure on the ρσℓι¢є, and that his intentions extended beyond merely attending BTS’s concert or the commemorative event.
However, the wave of speculation and controversy appeared to subside on the 2nd, when the Financial and Securities Crime Investigation Cooperation Division of the Seoul Southern District Prosecutors’ Office officially rejected the request for an arrest warrant against Chairman Bang, who had been accused of fraudulent trading under the Capital Markets Act. Regarding the decision, prosecutors stated: "We have determined that at this stage, there is insufficient evidence to justify the necessity of detention, and therefore we have requested a supplementary investigation."
Legal counsel for HYBE Chairman Bang Si-hyuk told Xports News, "It is regrettable that an arrest warrant was requested despite our sincere cooperation with the investigation over a long period. We will continue to fully engage with future legal proceedings and do our best to provide a thorough explanation." From the outset of this 16-month-long investigation, Bang Si-hyuk has consistently maintained that he fully complied with all legal regulations during HYBE’s IPO process and has denied all allegations.
Meanwhile, discussing on the previous ρσℓι¢є request for an arrest warrant, Representative Park Ji-won of the Democratic Party of кσяєα stated in a Youtube chanel that: "It would be better to let the judiciary make a judgment through an indictment without detention. Requesting an arrest warrant is a failure in political judgment." Criticizing the timing of the ρσℓι¢є investigation, Park continued, "The investigation was completed long ago, yet the ρσℓι¢є waited and watched before releasing it now. Forcing an interpretation of this case within the context of the relationship with the U.S. is a blunder in itself." He also noted the vacancy of the Commissioner General position, stating, "Under an acting leadership system, they cannot take full responsibility for such decisions."
Following the news, some fans expressed anger, stating that he had been investigated and repeatedly harαѕѕed by кσяєαn authorities despite the lack of conclusive evidence to support the charges:
- Ofc it got rejected. "Risk of evidence destruction" what a joke reason. After 1,5 years of investigation, what evidence is there to destroy? They raided his house and hybe multiple times. SK Clown ρσℓι¢є does anything for media buzz instead of the one thing that maters. When will they finally file that charge and bring that case to court? Are they scared that they will get rejected out right, because they did not find anything?
- They interrogated this man for 14 hours each time he was summoned. They raided his home, his parents' home, and HYBE, harαѕѕing him every day without finding any evidence. It took them a year to request another warrant, and there was even interference from the US Embαѕѕy.
- Anyone with common sense would have seen this coming, theres no need for him to be detained if he has been complying with ρσℓι¢є demands this whole time. The ρσℓι¢є don't have a case and they're too embarrαѕѕed to drop it
- What a relief. I would have completely given up on the sanity of кσяєα if they had arrested Bang PD. At least the courts seem like mostly intelligent, level-headed people.
- How weird is that actually the ρσℓι¢є is the one requesting a warrant and the prosecutor is the one rejecting it asking them to investigate more... Shouldn't that be prosecutor requesting a warrant? Where does ρσℓι¢є take it from when not from literally the prosecutor?
- At this point, BSH should sue the ρσℓι¢є for abuse of power. It’s getting ridiculous.
- This is just very unnecessary at this point. Dragging soмєтнing this long is suspicious already.
- Everyone with a brain knew this would happen they have nothing on him, all this is doing is making the ρσℓι¢є that requested the arrest warrant look like idiots
- It’s embarrαѕѕing at this point, they trying everything to get that man but nothing is sticking
- I think Bang would be accused of being a psychic or a prophet if he had been 100% sure that HYBE was going to be super successful. In reality, he gave his investors the choice to either leave or support him. Fraud? Even so, those sold shares are nothing compared to what HYBE has generated since
