Latest news with #Bang Si-hyuk
Malay Mail
07-08-2025
- Business
- Malay Mail
Bang Si-hyuk to return to South Korea amid investigation into alleged unfair trading tied to Hybe's 2020 IPO
SEOUL, Aug 7 — Hybe chairman Bang Si-hyuk has announced he will return to South Korea to fully cooperate with an investigation into alleged unfair trading practices tied to the company's initial public offering (IPO). In an internal email to employees yesterday, Bang expressed regret over the confusion and concern caused by the controversy, according to a report by Yonhap. 'As founder and chairman, I feel a deep sense of responsibility to do everything in my power to ensure nothing takes away from the hard-earned attention and praise your work continues to receive,' he wrote. 'I am committed to a swift resolution to these matters, so that you may focus on what you do best — creating and sharing entertainment and culture that resonates around the world.' Bang, who is currently overseas for business, made his first official comments on the case through the email. He said he would return to Korea 'to address these allegations and alleviate any stress or anxiety these events have caused our community.' He is being investigated by the Financial Supervisory Service under the Seoul Southern District Prosecutors' Office, following a criminal complaint filed by the Financial Services Commission on July 16. The probe centres on allegations that Bang misled early investors in 2019 by denying plans for an IPO, prompting them to sell shares to a special purpose company linked to a private equity fund supported by Hybe executives. Authorities believe Hybe was actively preparing for its IPO at the time, contradicting earlier claims made to investors. After Hybe went public in October 2020, the special purpose company sold its shares, with Bang reportedly receiving 30 per cent of the resale profit — estimated at around 190 billion won (RM665 million) — under a prior shareholder agreement. Police raided Hybe's headquarters in Seoul in late July as part of the ongoing investigation. The National Tax Service also launched a separate audit into the company on July 29, focusing on alleged fraudulent securities transactions and tax evasion related to the IPO. It remains unclear when Bang will return to South Korea or when he will be formally questioned by investigators.
Malay Mail
22-07-2025
- Business
- Malay Mail
Police seek search warrant for HYBE chairman Bang Si-hyuk over alleged stock fraud
SEOUL, July 22 — Police have requested a search warrant for HYBE chairman Bang Si-hyuk in connection with alleged fraudulent trading under the Capital Markets Act, it was reported yesterday. The warrant application was submitted on July 17 by the Financial Crimes Investigation Unit of the Seoul Metropolitan Police Agency, targeting both Bang and HYBE's headquarters in Yongsan-gu, according to a Chosun Biz report. Bang is suspected of misleading existing investors, including venture capitalists, about delays in HYBE's IPO plans before its 2019 listing. He also allegedly facilitated the sale of HYBE executive shares to a special purpose company created by a private equity fund they had set up. 'The prosecution is reportedly reviewing whether to request the search warrant submitted by the police,' the report said. Police have also asked to transfer the case to avoid overlapping investigations, as prosecutors are already handling a related complaint. The prosecution received the complaint on July 18 from financial authorities and assigned the case to the Financial and Securities Crime Joint Investigation Unit of the Seoul Southern District Prosecutors' Office. In early July, Bang was questioned by police and financial regulators over allegations tied to undisclosed earn-out contracts ahead of HYBE's IPO, with the Financial Services Commission later filing a criminal complaint. HYBE has said it informed investors and pledged full cooperation with authorities.
