Bang Si-hyuk questioned for 13 hours over $140 million profit allegations

Bang Si-hyuk, chairman of HYBE, was questioned by police for about 13 hours on allegations of reaping illicit profits by deceiving investors before returning home late Sept. 15. Bang left the Seoul Metropolitan Police Agency’s financial crime investigation unit in Mapo District at 11:48 p.m., declining to answer reporters’ questions about whether he had misled investors or what he had explained during questioning. Surrounded by bodyguards, he entered a waiting car without comment. Earlier that morning, Bang appeared before police as a suspect on charges of violating the Capital Markets Act through fraudulent transactions. Before entering the police station at 10 a.m., he told reporters, “I am sorry for causing concern with this matter. I will faithfully cooperate with today’s investigation.” Police suspect that Bang and former HYBE executives deceived existing shareholders during the company’s initial public offering (IPO) process by claiming no listing was planned, while in fact arranging for shares to be transferred to a special purpose company under a private equity fund tWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times