(ATTN: UPDATES with Bang’s reaction, minor edits throughout)
Bang Si-hyuk has been under investigation over allegations that he deceived investors in 2019 into selling their shares in Hybe before the company held an initial public offering (IPO), through which he allegedly pocketed nearly 200 billion won (US$135.9 million) in illegal profits.
The Seoul Metropolitan Police Agency said its request for an arrest warrant is based on suspicions of fraudulent trading under the Capital Market Act.
Under that law, individuals found guilty of generating 5 billion won or more in profits by misrepresenting financial investment products face severe penalties, including life imprisonment or a prison term of at least five years.
Bang Si-hyuk’s legal team has denied the allegation, stating that Hybe’s IPO process strictly followed all applicable laws and regulations.
In a statement released following the warrant request announcement, the Hybe chairman expressed his regret, emphasizing that the request was made despite his “faithful cooperation” throughout the ongoing investigation.
“I will continue to explain myself to the best of my ability by faithfully engaging in future legal proceedings,” he affirmed through his lawyer.
The request for the warrant was formally filed with the Seoul Southern District Prosecutors Office. Should prosecutors decide to pursue an arrest, a court would typically schedule an arrest warrant hearing for the suspect within three days.
Police initially received a tip-off regarding the allegations in late 2024 and subsequently raided the Korea Exchange and Hybe’s headquarters the following year to gather evidence.
Bang Si-hyuk was also banned from leaving the country in August, leading to various restrictions on his professional activities.
The U.S. Embassy in Seoul recently sent a letter to the police agency, requesting that he be permitted to travel to the U.S. to participate in K-pop supergroup BTS’ world tour.
