Bang Si-hyuk to be summoned over stock manipulation probe on Sept. 15

Bang Si-hyuk, chairman of K-pop powerhouse HYBE, will appear before police on Sept. 15 for questioning over alleged unfair trading linked to the company’s initial public offering (IPO). According to police officials on Wednesday, Bang is scheduled to report to the Seoul Metropolitan Police Agency’s financial crimes unit at 10 a.m. that day. As public appearances are the rule for such cases, he is expected to walk past a press line before entering the Mapo District office. Bang and several former HYBE executives are under investigation for violating the Capital Markets Act. Police suspect that during HYBE’s IPO process, they misled existing shareholders into believing there were no plans for a listing, inducing them to sell their shares to a private equity fund’s special purpose company. HYBE’s IPO was later pursued, generating an estimated 400 billion won ($291 million) in illicit gains for those involved. The investigation, which began in Dec. 2023, has faced hurdles. Police sought search warrants for the Korea Exchange in April and May, but prosecutors rejected the requests. AWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times