Seoul Metropolitan Police’s Monetary Crime Investigation Unit summoned Hybe chairman Bang Si-hyuk on September 22 for additional questioning. He appeared on the Mapo workplace at 10 a.m., marking his second look after a public interrogation on September 15. Based on a Hybe spokesperson cited by Yonhap Information, the case is very advanced, and a number of other extra appearances could also be obligatory for Bang to complete his testimony.
Allegations tied to IPO course of
The costs stem from suspicions that in 2019, Bang deceived Hybe’s early buyers by denying plans for an preliminary public providing, whereas on the identical time arranging for executives to promote shares by way of a personal fairness fund they’d created. Traders, misled by these statements, bought their holdings, despite the fact that Hybe was already making ready for its IPO. The controversy now casts a shadow over the leisure large that manages international stars similar to BTS, Seventeen, and NewJeans.
Unfair good points estimated at INR 1,090 crore
After IPO preparations superior, the personal fairness fund reportedly bought its stake for enormous income. Bang allegedly secured 30% of these income by way of a confidential contract, gathering round INR 1,090 crore. Beneath South Korea’s Capital Market Act, buying greater than INR 28 crore by way of false data or fraudulent schemes carries penalties starting from at the least 5 years’ imprisonment to life.
Official response and rising proprietor danger
Bang has persistently denied any misconduct, insisting that the IPO course of adopted all related legal guidelines and rules, whereas pledging full cooperation with investigators. He additionally asserted that the IPO preparations and contracts with the personal fairness fund weren’t saved secret from buyers. Nonetheless, trade insiders warn that this investigation highlights a severe “proprietor danger,” threatening Hybe’s company status and stability at a time when its roster of artists-BTS, Seventeen, NewJeans, and others-represents a serious cultural and financial drive within the Ok-pop trade.