Officials announced Tuesday that police have sought an arrest warrant for Bang Si-hyuk, chairman of the K-pop powerhouse Hybe, amidst allegations of fraudulent and unfair trading practices.
The Seoul Metropolitan Police Agency’s financial crimes investigation unit confirmed it has officially booked Bang Si-hyuk on charges related to fraudulent and unfair trading and is moving to secure his custody.
This significant development follows closely on the heels of Seoul Metropolitan Police Agency Commissioner Park Jung-bo’s recent press briefing statement, where he indicated the investigation into Chairman Bang Si-hyuk was “essentially complete” and nearing its conclusion.
Chairman Bang Si-hyuk has been under extensive investigation by authorities on suspicion of violating South Korea’s Capital Markets Act. He faces accusations of illicitly gaining approximately 190 billion won (roughly $129 million) during Hybe’s highly anticipated 2019 initial public offering (IPO).
As the comprehensive investigation progressed, Bang Si-hyuk has been subjected to a travel ban since August of last year, underscoring the severity of the ongoing inquiry.
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