HYBE chairman Bang Si-hyuk appears for police questioning over IPO fraud allegations

HYBE Chairman Bang Si-hyuk appeared before police Monday for his first round of questioning over allegations that he defrauded investors during the company’s initial public offering (IPO). Arriving at the Seoul Metropolitan Police Agency’s financial crimes unit in Mapo District at 9:55 a.m., Bang briefly faced reporters at the photo line. “I am sorry for causing concern with this matter. I will faithfully cooperate with the investigation today,” he said before moving inside. When asked by journalists whether he had instructed executives to sell shares during the IPO process or denied plans for a listing, Bang responded, “I will speak during the investigation.” He remained silent when pressed on whether the transactions were profit-driven or involved private equity fund solicitations. Police have summoned Bang as a suspect on charges of violating the Capital Markets Act through fraudulent and unfair trading. Investigators suspect that Bang and former HYBE executives misled existing shareholders by claiming there were no IPO plans, then had them sell shares to a special purposeWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times