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Bang Si-hyuk (Photo = Yonhap News Agency) |
[Alpha Biz= Paul Lee] Bang Si-hyuk, chairman of HYBE, has avoided arrest after prosecutors rejected a detention warrant requested by police.
According to legal sources on April 24, the Seoul Southern District Prosecutors’ Office declined the warrant request on charges of fraudulent unfair trading under the Capital Markets Act, citing insufficient grounds to justify detention at this stage and calling for further investigation.
Police had sought the warrant on April 21, accusing Bang of misleading investors ahead of HYBE’s 2019 initial public offering (IPO). He is alleged to have told existing investors that there were no IPO plans, while arranging for HYBE shares to be sold to a private equity fund linked to former executives, later profiting from the company’s listing.
Authorities have been investigating the case since last year, during which Bang was placed under a travel ban and questioned multiple times.
The case remains under investigation as prosecutors review additional evidence.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
