SEOUL, Sept 23 — HYBE chairman Bang Si-hyuk has been summoned for a second round of police questioning over allegations of reaping 190 billion won (RM575 million) in illicit gains linked to the K-pop agency’s market debut.
According to Yonhap News Agency, Bang appeared at the Seoul Metropolitan Police office in the city’s western district yesterday as a suspect under investigation for possible violations of the Capital Market Act.
He was earlier questioned on the same matter last Monday.
Investigators allege that in 2019, Bang misled investors by saying there were no plans for an initial public offering (IPO), prompting them to sell shares in HYBE to a special purpose company tied to a private equity fund connected with him.
Police suspect that HYBE was already preparing for a listing at the time, and that Bang made 190 billion won when the shares were sold after the IPO.
The investigation, launched late last year, has seen raids on both the Korea Exchange and HYBE’s headquarters as authorities seized documents related to the company’s market debut.
