 |
Bang Si-hyuk. (Photo=Yonhap News Agency) |
[Alpha Biz= Paul Lee] A police investigation into Bang Si-hyuk over alleged fraudulent unfair trading involving approximately KRW 190 billion has been unusually prolonged, with authorities indicating a conclusion is imminent.
On April 6, Seoul Metropolitan Police Commissioner Park Jeong-bo stated that the National Office of Investigation has nearly completed its legal review and is expected to reach a decision soon.
The probe, led by the financial crimes unit of the Seoul Metropolitan Police Agency, began in late 2024 but has yet to reach a conclusion after more than a year. Officials cited the lack of comparable precedents as a key reason for the extended legal analysis.
Bang is accused of misleading existing investors prior to HYBE’s 2019 IPO by suggesting delays in the listing process, prompting them to sell shares to a special purpose vehicle established by a private equity fund linked to a HYBE executive.
Following the IPO, the private equity fund reportedly sold its holdings, with Bang receiving around 30% of the capital gains under a prior shareholder agreement—amounting to roughly KRW 190 billion in alleged illicit profit. Bang has denied all allegations.
Searches and suspect questioning have already been completed. Authorities conducted raids on the Korea Exchange and HYBE headquarters in 2024, and imposed a travel ban on Bang. He was questioned five times between September and November last year.
Despite the completion of key investigative steps, the delay in reaching a conclusion—now about five months since the last questioning—is considered unusual in legal circles, where decisions are typically made within weeks after suspect interrogations conclude.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
