SEOUL, Oct 1 — Bang Si-hyuk, chairman of South Korean entertainment giant Hybe, has been barred from leaving the country amid a police probe into potential violations of the Capital Markets Act connected to the company’s 2020 initial public offering.
According to The Korea Herald, Seoul Metropolitan Police Agency’s financial crimes unit confirmed the travel restriction, which was imposed on August 11 following Bang’s return to Seoul.
The investigation centres on claims that Bang misled investors in 2019 by denying plans for a stock market listing, allegedly influencing them to sell shares to a private equity fund formed by Hybe executives.
Reports suggest the fund later sold its stake after the IPO, and Bang allegedly benefited from the arrangement, gaining around 190 billion won (RM569 million).
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.
